Adverum Biotechnologies Grants Inducement Awards Under Nasdaq Rule 5635(c)(4)

Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage gene therapy company, has announced inducement grants under Nasdaq Listing Rule 5635(c)(4) to new employees. The grants, valued at approximately $1.5 million, were awarded to Romuald Corbau, who will join the company as Chief Scientific Officer. The grants consist of restricted stock units (RSUs) and performance stock units (PSUs), which will vest over a four-year period, subject to Corbau's continued employment and the achievement of certain performance metrics.

The inducement grants are designed to attract and retain top talent in the biotechnology industry, aligning the interests of new employees with those of the company and its shareholders. By offering competitive compensation packages, Adverum Biotechnologies can compete with other biotechnology companies for top talent and foster a performance-driven culture.

Adverum Biotechnologies has been expanding its pipeline and clinical development programs, focusing on gene therapies for highly prevalent ocular diseases. The company's lead product candidate, ADVM-022, is a gene therapy for wet age-related macular degeneration (AMD), a leading cause of vision loss in the elderly. The company has received significant funding and grants, including a $60 million investment from Blackstone Life Sciences in 2019, which has supported its growth and expansion.

The inducement grants are part of Adverum Biotechnologies' broader compensation strategy, which aims to support the company's growth and expansion. By offering competitive compensation packages, Adverum Biotechnologies can attract and retain the talent needed to drive its pipeline of gene therapies forward.

In conclusion, Adverum Biotechnologies' inducement grants under Nasdaq Listing Rule 5635(c)(4) demonstrate the company's commitment to attracting and retaining top talent in the biotechnology industry. The grants align with the company's long-term strategic goals and compensation strategy, fostering a performance-driven culture and supporting the company's growth and expansion. As Adverum Biotechnologies continues to develop its pipeline of gene therapies, the inducement grants serve as a testament to the company's commitment to its mission and the value it places on its employees.