May 12, 2016 11:14am
A real wait and see if the unification message of the platform will “gel” with investors after all the dissention
ADVM is a gene therapy company that focuses on on developing medicines to treat patients who have rare diseases or diseases of the eye, and have limited or burdensome treatment options. Its pipeline consists of AAVL’s existing ophthalmic programs and four new gene therapy based programs, which are focused on Alpha1-antitrypsin (A1AT) deficiency, cardiomyopathy associated with Friedreich’s ataxia, hereditary angioedema and severe allergies.
The Bottom Line; Another also ran?
AAVL completed its previously announced acquisition of all the outstanding shares of Annapurna and, as a result, Annapurna is now a wholly owned subsidiary. Pursuant to the terms of the agreement AAVL issued 14,087,246 shares of common stock <the new shares are not registered> in exchange for all of the issued and outstanding capital stock of Annapurna. The outstanding options or other rights to purchase capital stock of Annapurna were converted into options.
Effective on the closing date, the board of directors appointed Amber Salzman, Ph.D., as President and Chief Operating Officer of the Company, Carlo Russo, M.D., as Executive Vice President and Chief Medical Officer of the Company, Mehdi Gasmi, Ph.D., the Company's current interim Chief Scientific Officer, as Chief Technology Officer of the Company, and Samuel B. Barone, M.D., the Company's current Chief Medical Officer, as Senior Vice President, Clinical Development. Paul B. Cleveland, the Company's current President, Chief Executive Officer and interim Chief Financial Officer, will continue in his positions as Chief Executive Officer and interim Chief Financial Officer and as a member of the board of directors.
AAVL closed Wednesday DOWN -$0.18 at $4.14. On Thursday it is now trading as Adverum Biotechnologies (ADVM) at $4.02 as of 10:45 am.