Adverum Biotechnologies Inc (NASDAQ:ADVM) has today moved ahead to make the announcement regarding its plan to extend its collaboration agreement with Editas Medicine Inc (NASDAQ:EDIT).
The reason as to why the companies resorted to establishing this particular partnership was in a bid to make an exploration into the delivery of genome editing medicines. It was a form of medication that targeted the treatment of about five inherited retinal diseases.
The President and Chief Executive Officer of Adverum Biotechnologies Amber Salzman said that they took great pride that they had taken the step to strike the collaboration with Editas .It was a move that sought to utilize the company’s next-generation adeno-associated viral (AAV) vectors towards the delivery of Editas’ CRISPR-based genome editing technologies.
That was in a bid to come up with elaborate therapies for handling the debilitating eye diseases. He went further to assert that the collaboration was indeed the perfect move especially at a time when they were looking forward to validating the important work that was underway and the next-generation vectors have a significant role to play.
The Chief Executive Officer of Editas Medicine Katrine Bosley on his part said that the collaboration work ‘inter-wove’ together Adverum’s industry-leading vectors with the company’s best-in-class genome editing platform. One rather notable aspect is the fact that over the years Adverum has always had a significant ophthalmology experience as well as a distinctive technology.
Obviously, the expansion of the relationship tells a lot regarding the company’s strategy to move ahead with the making of investments in the platform, an undertaking that will be happening in a rather selective fashion.
Just like it is always the case whenever two companies need to strike a deal there were several terms and conditions that were set in place in line with the extended agreement. The deal was such that Editas and Adverum would proceed to extend the research period through the 2018 third quarter. Editas through a statement outlined that it would be maintaining a series of options which were exercisable between now and August 2020.
An official working with the company said, “Adverum generates product candidates designed to provide durable efficacy by inducing sustained expression of a therapeutic protein.”