{"id":480902,"date":"2021-04-22T17:05:50","date_gmt":"2021-04-22T21:05:50","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/the-sonic-fund-ii-l-p-issues-presentation-detailing-compelling-case-for-immediate-board-upgrade-at-adverum-biotechnologies-inc\/"},"modified":"2021-04-22T17:05:50","modified_gmt":"2021-04-22T21:05:50","slug":"the-sonic-fund-ii-l-p-issues-presentation-detailing-compelling-case-for-immediate-board-upgrade-at-adverum-biotechnologies-inc","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-sonic-fund-ii-l-p-issues-presentation-detailing-compelling-case-for-immediate-board-upgrade-at-adverum-biotechnologies-inc\/","title":{"rendered":"The Sonic Fund II, L.P. Issues Presentation Detailing Compelling Case for Immediate Board Upgrade at Adverum Biotechnologies, Inc."},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwblockalignc { margin-left: auto; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistcircle { list-style-type: circle }\n.bwlistdisc { list-style-type: disc }\n.bwpadl0 { padding-left: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwuline { text-decoration: underline }\n.bwvertalignt { vertical-align: top }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>The Sonic Fund II, L.P. Issues Presentation Detailing Compelling Case for Immediate Board Upgrade at Adverum Biotechnologies, Inc.<\/b><\/p>\n<p class=\"bwalignc\"><i>Believes Board Has Repeatedly Failed to Exert Proper Oversight of Management and Drug Development Process<\/i><\/p>\n<p class=\"bwalignc\"><i>Contrary to Adverum\u2019s Specious Arguments, Sonic Is Not Seeking to Gain Control of the Board \u2013 It Is Instead Seeking to Add Independent Individuals with Essential Experience and to Prevent Further Entrenchment <\/i><\/p>\n<p class=\"bwalignc\"><i>Adverum Is on Path to Continue Massive Value Destruction Unless Stockholders Elect Improved Board that Can Chart Better Course Forward and Responsibly Hold Management Accountable <\/i><\/p>\n<p class=\"bwalignc\"><i>Urges Stockholders to Vote on the GREEN Proxy Card Today to Elect Sonic\u2019s Three Independent Director Nominees to Drastically Improve Board <\/i><\/p>\n<p>HONOLULU&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nThe Sonic Fund II, L.P. (\u201cSonic\u201d), which beneficially owns approximately 6.8% of the outstanding common stock of Adverum Biotechnologies, Inc. (NASDAQ: ADVM) (the \u201cCompany\u201d or \u201cAdverum\u201d), today issued an investor presentation detailing the case for an improved Board at Adverum to better position the Company for success. Sonic has nominated three independent, highly qualified director candidates \u2013 Jean Bennett, Jodi Cook and Herbert Hughes (the \u201cNominees\u201d) \u2013 for election to the Adverum Board of Directors (the \u201cBoard\u201d) at the 2021 Annual Meeting of Stockholders (the \u201c2021 Annual Meeting\u201d).\n<\/p>\n<p>\nThe investor presentation is available at: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.SaveAdverum.com&amp;esheet=52416896&amp;newsitemid=20210422006125&amp;lan=en-US&amp;anchor=www.SaveAdverum.com&amp;index=1&amp;md5=b505527c88811d11126fff3aeca29c07\">www.SaveAdverum.com<\/a>.\n<\/p>\n<p>\nHighlights include the following:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Adverum has grossly mismanaged the drug development process and is doing a grave disservice to stockholders and suffering patients<\/b>\n<ul class=\"bwlistcircle\">\n<li>\nAdverum has severely mismanaged the scientific development of ADVM-022, its gene therapy treatment for wet AMD, by failing to adequately address the ocular inflammation issue it has posed\n<\/li>\n<li>\nThe Company\u2019s intense focus on commercialization efforts seem to ignore the fact that the drug still needs to be approved\n<\/li>\n<li>\nThe Company has repeatedly botched investor communications around its drug development and has demonstrated inept capital allocation ability, including by recklessly approving a badly-timed $200 million secondary offering in August of 2020\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><b>Sonic is NOT seeking control of the Adverum Board \u2013 Rather, it is seeking to add independence to an increasingly interconnected set of directors <\/b>\n<ul class=\"bwlistcircle\">\n<li>\nThe Company\u2019s own prior disclosure admits the 2019 director choices were mutual\n<\/li>\n<li>\nBoth directors that Sonic identified for the Board in 2019 are fully independent of Sonic and of each other, as proven by the unanimous votes of the sitting Board\n<\/li>\n<li>\nMr. Kam did not personally know any of Sonic\u2019s current nominees until two months ago\n<\/li>\n<li>\nRelying on its extensive network in the gene therapy field, Sonic simply identified highly respected leaders and experts in this sector and managed to interest them in serving on the Adverum Board \u2013 these nominees have world-class experience and are the best people for the job\n<\/li>\n<li>\nStockholders can see for themselves that the Company has not attracted candidates of the same caliber, although that is precisely the job of the Nominating and Governance Committee\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><b>Adverum\u2019s control argument is merely a smokescreen to distract stockholders from Board Chair Patrick Machado\u2019s efforts to stack the boardroom with his cronies <\/b>\n<ul class=\"bwlistcircle\">\n<li>\nWe believe that Adverum will have to expand the Board to 11 seats by the end of 2021 to add the required proportion of female directors to comply with Sections 301.3 and 2115.5 of the California Corporations Code (implementing SB 826) (\u201cSB 826\u201d), the California Board gender diversity law\n<\/li>\n<li>\nTherefore, even if one were to concede their argument \u2013 which Sonic does not \u2013 that any director suggested or nominated by Sonic would become part of a block, it is impossible to argue that five out of 11 directors constitutes control\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><b>The incumbent Board\u2019s entrenchment maneuvers will lead to more of the same and disenfranchise stockholders unless stockholders vote for truly independent directors<\/b>\n<ul class=\"bwlistcircle\">\n<li>\nRather than considering our nominees in good faith, Adverum instead elected to force a wholly unnecessary proxy contest on an extremely compressed timeline\n<\/li>\n<li>\nThe Board\u2019s inconsistent obfuscations around the size of the class up for election at the 2021 Annual Meeting seem designed to perpetuate the status quo and confuse stockholders\n<\/li>\n<li>\nAdverum\u2019s intent seems to be to deprive stockholders of the ability to vote on the two additional female directors it will have to add to the Board by the end of 2021\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><b>Board improvement is urgently needed to chart a better course forward and responsibly hold management accountable<\/b>\n<ul class=\"bwlistcircle\">\n<li>\nThe status quo is unsustainable \u2013 stockholders have lost confidence in a Board that has overseen such drastic value destruction and has not laid out a convincing go-forward strategy to achieve Adverum\u2019s full potential\n<\/li>\n<li>\nThe Company\u2019s director slate lacks necessary experience and is riddled with conflictual relationships\n<\/li>\n<li>\nSonic\u2019s nominees are all obviously and objectively better qualified than the Company\u2019s candidates. They are all independent of Sonic and of each other and would bring tremendous gene therapy experience and financial \/ leadership ability\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p class=\"bwalignc\"><b><span class=\"bwuline\">Vote on the GREEN proxy card today<\/span><\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignc\">\n<tr>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nIf you have any questions regarding your <b><span class=\"bwuline\">GREEN<\/span><\/b> proxy card or need assistance in voting your shares, please contact\n<\/p>\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<p class=\"bwalignc bwcellpmargin\"><b>Saratoga Proxy Consulting, LLC<\/b><\/p>\n<p class=\"bwalignc bwcellpmargin\"><b>520 8th Avenue<\/b><\/p>\n<p class=\"bwalignc bwcellpmargin\"><b>New York, NY 10018<\/b><\/p>\n<p class=\"bwalignc bwcellpmargin\"><b>Stockholders may call toll-free: (888) 368-0379<\/b><\/p>\n<p class=\"bwalignc bwcellpmargin\"><b>Banks and brokers call: (212) 257-1311<\/b><\/p>\n<p class=\"bwalignc bwcellpmargin\"><b><a rel=\"nofollow\" href=\"mailto:info@saratogaproxy.com\">info@saratogaproxy.com<\/a><\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\n\u00a0\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210422006125r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210422006125\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210422006125\/en\/<\/a><\/span><\/p>\n<p><b>Investors:<br \/>\n<\/b><br \/>Saratoga Proxy Consulting LLC<br \/>\n<br \/>John Ferguson \/ Ann Marie Mellone 212-257-1311<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:jferguson@saratogaproxy.com\">jferguson@saratogaproxy.com<\/a> \/ <a rel=\"nofollow\" href=\"mailto:amellone@saratogaproxy.com\">amellone@saratogaproxy.com<\/a><\/p>\n<p><b>Media:<br \/>\n<\/b><br \/>Sloane &amp; Company<br \/>\n<br \/>Joe Germani \/ Sarah Braunstein<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:jgermani@sloanepr.com\">jgermani@sloanepr.com<\/a> \/ <a rel=\"nofollow\" href=\"mailto:sbraunstein@sloanepr.com\">sbraunstein@sloanepr.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America Hawaii<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Biotechnology Professional Services Health Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>The Sonic Fund II, L.P. Issues Presentation Detailing Compelling Case for Immediate Board Upgrade at Adverum Biotechnologies, Inc. Believes Board Has Repeatedly Failed to Exert Proper Oversight of Management and Drug Development Process Contrary to Adverum\u2019s Specious Arguments, Sonic Is Not Seeking to Gain Control of the Board \u2013 It Is Instead Seeking to Add Independent Individuals with Essential Experience and to Prevent Further Entrenchment Adverum Is on Path to Continue Massive Value Destruction Unless Stockholders Elect Improved Board that Can Chart Better Course Forward and Responsibly Hold Management Accountable Urges Stockholders to Vote on the GREEN Proxy Card Today to Elect Sonic\u2019s Three Independent Director Nominees to Drastically Improve Board HONOLULU&#8211;(BUSINESS WIRE)&#8211; The Sonic Fund II, L.P. (\u201cSonic\u201d), which &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-sonic-fund-ii-l-p-issues-presentation-detailing-compelling-case-for-immediate-board-upgrade-at-adverum-biotechnologies-inc\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Sonic Fund II, L.P. Issues Presentation Detailing Compelling Case for Immediate Board Upgrade at Adverum Biotechnologies, Inc.&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-480902","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Sonic Fund II, L.P. Issues Presentation Detailing Compelling Case for Immediate Board Upgrade at Adverum Biotechnologies, Inc. - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-sonic-fund-ii-l-p-issues-presentation-detailing-compelling-case-for-immediate-board-upgrade-at-adverum-biotechnologies-inc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Sonic Fund II, L.P. Issues Presentation Detailing Compelling Case for Immediate Board Upgrade at Adverum Biotechnologies, Inc. - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"The Sonic Fund II, L.P. Issues Presentation Detailing Compelling Case for Immediate Board Upgrade at Adverum Biotechnologies, Inc. Believes Board Has Repeatedly Failed to Exert Proper Oversight of Management and Drug Development Process Contrary to Adverum\u2019s Specious Arguments, Sonic Is Not Seeking to Gain Control of the Board \u2013 It Is Instead Seeking to Add Independent Individuals with Essential Experience and to Prevent Further Entrenchment Adverum Is on Path to Continue Massive Value Destruction Unless Stockholders Elect Improved Board that Can Chart Better Course Forward and Responsibly Hold Management Accountable Urges Stockholders to Vote on the GREEN Proxy Card Today to Elect Sonic\u2019s Three Independent Director Nominees to Drastically Improve Board HONOLULU&#8211;(BUSINESS WIRE)&#8211; The Sonic Fund II, L.P. (\u201cSonic\u201d), which &hellip; Continue reading &quot;The Sonic Fund II, L.P. 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Issues Presentation Detailing Compelling Case for Immediate Board Upgrade at Adverum Biotechnologies, Inc. - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/the-sonic-fund-ii-l-p-issues-presentation-detailing-compelling-case-for-immediate-board-upgrade-at-adverum-biotechnologies-inc\/","og_locale":"en_US","og_type":"article","og_title":"The Sonic Fund II, L.P. Issues Presentation Detailing Compelling Case for Immediate Board Upgrade at Adverum Biotechnologies, Inc. - Market Newsdesk","og_description":"The Sonic Fund II, L.P. Issues Presentation Detailing Compelling Case for Immediate Board Upgrade at Adverum Biotechnologies, Inc. Believes Board Has Repeatedly Failed to Exert Proper Oversight of Management and Drug Development Process Contrary to Adverum\u2019s Specious Arguments, Sonic Is Not Seeking to Gain Control of the Board \u2013 It Is Instead Seeking to Add Independent Individuals with Essential Experience and to Prevent Further Entrenchment Adverum Is on Path to Continue Massive Value Destruction Unless Stockholders Elect Improved Board that Can Chart Better Course Forward and Responsibly Hold Management Accountable Urges Stockholders to Vote on the GREEN Proxy Card Today to Elect Sonic\u2019s Three Independent Director Nominees to Drastically Improve Board HONOLULU&#8211;(BUSINESS WIRE)&#8211; The Sonic Fund II, L.P. (\u201cSonic\u201d), which &hellip; Continue reading \"The Sonic Fund II, L.P. Issues Presentation Detailing Compelling Case for Immediate Board Upgrade at Adverum Biotechnologies, Inc.\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/the-sonic-fund-ii-l-p-issues-presentation-detailing-compelling-case-for-immediate-board-upgrade-at-adverum-biotechnologies-inc\/","og_site_name":"Market Newsdesk","article_published_time":"2021-04-22T21:05:50+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210422006125r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-sonic-fund-ii-l-p-issues-presentation-detailing-compelling-case-for-immediate-board-upgrade-at-adverum-biotechnologies-inc\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-sonic-fund-ii-l-p-issues-presentation-detailing-compelling-case-for-immediate-board-upgrade-at-adverum-biotechnologies-inc\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"The Sonic Fund II, L.P. 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