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REDWOOD CITY, Calif., Dec. 06, 2021 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage gene therapy company targeting unmet medical needs in ocular and rare diseases, today announced that Rupert D’Souza, Ph.D., M.B.A., has joined Adverum as the company’s chief financial officer (CFO). Dr. D’Souza will serve as a member of Adverum’s executive committee and will report to Laurent Fischer M.D., president and chief executive officer at Adverum Biotechnologies. Dr. D’Souza will provide leadership for the company’s financial operations and planning, accounting, procurement, and select other functions.
“On behalf of the entire company, I am delighted to welcome Rupert to Adverum and look forward to partnering with him as we advance the company’s strategy together,” said Dr. Laurent Fischer, president and chief executive officer at Adverum Biotechnologies. “As CFO, Dr. D’Souza will play a critical role as we shape and build the company. This includes augmenting our highly experienced executive team to fulfill the promise of our pipeline, including the development of ADVM-022 in wet age-related macular degeneration. I very much look forward to his service and counsel over the coming years.”
“I was drawn to Adverum by the company’s potential transformative gene therapy treatments for ocular and rare diseases,” said Rupert D’Souza, Ph.D., M.B.A., chief financial officer of Adverum Biotechnologies. “With Adverum’s strong financial position and projected cash runway into 2024, I look forward to leveraging my financial expertise to progress the company’s plans to advance a Phase 2 clinical trial in wet AMD next year, and to play an integral role in Adverum achieving its full potential as a diversified gene therapy company.”
Dr. D’Souza most recently served as chief financial officer consultant at Replay Holdings, LLC, a venture capital-funded, gene therapy-focused, biotechnology holding company, where he was responsible for leading all finance and human resources activities. Prior to Replay Holdings, Dr. D’Souza was the founder and chief financial officer consultant at RMND LLC, a business development agency. Before that Dr. D’Souza held roles of increasing responsibility at several companies, including, Armanino LLP, BioMarin Pharmaceuticals, UTStarcom Inc., and Genentech.
Dr. D’Souza received a B.Tech. in Chemical Engineering from the Indian Institute of Technology, Bombay, a Ph.D. in Chemical and Biomolecular Engineering from Georgia Institute of Technology, and an M.B.A. from the University of Chicago Booth School of Business.
On December 6, 2021, the company granted Dr. D’Souza a stock option to purchase 400,000 shares of Adverum’s common stock pursuant to the inducement grant exception under Nasdaq Rule 5635(c)(4), as an inducement that is material to his entering into employment with Adverum. The option has a per-share exercise price equal to the closing sales price of Adverum’s common stock on the Nasdaq Stock Market on the grant date, and will vest over four years, subject to his continued service with Adverum.
About Adverum Biotechnologies
Adverum Biotechnologies (Nasdaq: ADVM) is a clinical-stage gene therapy company targeting unmet medical needs in serious ocular and rare diseases. Adverum is evaluating its novel gene therapy candidate, ADVM-022, as a one-time, intravitreal injection for the treatment of patients with wet age-related macular degeneration. For more information, please visit www.adverum.com.
Statements contained in this press release regarding the events or results that may occur in the future are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements regarding: the role in which Dr. D’Souza will serve and the benefits that he is expected to bring to Adverum. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Risks and uncertainties facing Adverum are described more fully in Adverum’s Form 10-Q filed with the SEC on November 4, 2021 under the heading “Risk Factors.” All forward-looking statements contained in this press release speak only as of the date on which they were made. Adverum undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Vice President, Head of Corporate Strategy and External Affairs & Engagement
Adverum Biotechnologies, Inc.
Source: Adverum Biotechnologies, Inc.