Adverum Biotechnologies, Inc. (ADVM) saw its loss widen to $14.30 million, or $0.35 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $14.08 million, or $0.55 a share.

Revenue during the quarter plunged 58.55 percent to $0.40 million from $0.95 million in the previous year period.

Operating loss for the quarter was $14.51 million, compared with an operating loss of $14.20 million in the previous year period.

"Our new leadership team is focused on executing our plans to advance our three lead gene therapy programs into the clinic to address alpha 1 antitrypsin deficiency, wet AMD and hereditary angioedema," said Amber Salzman, Ph.D., president and chief executive officer of Adverum Biotechnologies. "At recent scientific conferences, we have presented promising preclinical efficacy data on our two new anti-VEGF candidates for wet AMD, ADVM-022 and ADVM-032. These intravitreally administered therapies have the potential to minimize the treatment burden of frequent injections and maximize visual outcomes in patients living with this disease. For ADVM-043, our gene therapy for alpha 1 antitrypsin deficiency, we are upgrading to a robust, commercial-ready manufacturing process. We expect to initiate patient enrollment in a Phase 1/2 clinical trial in the fourth quarter of 2017. We have a strong AAV vector platform, AAV manufacturing technology expertise, an advancing pipeline of novel gene therapies, and a solid cash position, which we believe will enable us to develop important new treatment options for patients."