Adverum Biotechnologies, Inc. (ADVM) saw its loss widen to $16.10 million, or $0.38 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $15.39 million, or $0.57 a share.
Revenue during the quarter surged 74.34 percent to $0.46 million from $0.26 million in the previous year period.
Operating loss for the quarter was $16.59 million, compared with an operating loss of $15.51 million in the previous year period.
"Adverum is well positioned in the gene therapy space with a robust pipeline and a platform of industry-leading AAV vector technology, including novel vector development capabilities," said Amber Salzman, Ph.D., president and chief executive officer of Adverum Biotechnologies. "Our strong cash position will help us execute our plans and is expected to fund our three lead gene therapy programs through the end of 2019 to generate meaningful clinical data for at least one of these programs. We are committed to transforming Adverum into a clinical-stage company by the end of this year."
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