Posted January 15, 2021
RESEARCH TRIANGLE PARK – California gene therapy innovator Adverum Biotechnologies announced plans today to invest $83 million to establish a manufacturing site in Durham that will employ 202 people at an average salary of $93,762 when fully operational.
It’s the latest in a string of cell- and gene-therapy companies drawn to the Triangle for its trained workforce, academic prowess and attractive business, social and meteorological climate.
The publicly held company, (Nasdaq: ADVM), is a clinical-stage gene therapy company targeting unmet medical needs in serious ocular and rare diseases. Adverum’s lead product candidate, ADVM-022, is a one-time injection into the eye to treat conditions such as wet age-related macular degeneration and diabetic macular edema.
Adverum, based in Redwood City, Calif., has some 114 employees. Led by CEO Laurent Fischer, M.D., they are developing gene therapies for sustained expression of therapeutic proteins. It describes its core capabilities include clinical development, novel vector discovery, and in-house manufacturing expertise, specifically in scalable process development, assay development, and current Good Manufacturing Practices (cGMP) quality control.
“We welcome Woods Air Movement to Tennessee and are proud to be the top choice for this international company’s new U.S. operations. We saw how hard-working and resilient Tennesseans were in 2020, and I look forward to seeing this company develop and provide new opportunities for our residents in the new year.” – Gov. Bill Lee
“As we enter into a new year, TNECD continues to recruit top global companies to do business in Tennessee. Woods Air Movement’s decision to locate its North American headquarters in our state underscores Tennessee’s pro-business environment, central location and talented workforce. We thank the company for investing and creating new family-wage jobs in Rutherford County.” – TNECD Commissioner Bob Rolfe