Steep descent for Avalanche after AMD data

Avalanche Biotechnologies Inc. (NASDAQ:AAVL) lost $21.83 (56%) to $17.05 on Tuesday, touching a 52-week low of $17.01 after it released top-line data from a Phase IIa study of its AVA-101 gene therapy to treat wet age-related macular degeneration (AMD).

Investors on a conference call after market close Monday questioned multiple aspects of the study, including the control arm's unusually poor performance in best corrected visual acuity (BCVA), and an unexplained and undesirable increase in retinal thickness in the treatment group (see BioCentury Extra, June 15). ...