In February 2016, Avalanche Biotechnologies and Annapurna Therapeutics (NASDAQ:AAVL) merged with the new entiity renamed Adverum Biotechnologies. the stock will continue to trade on the NASDAQ with the same symbol. Avalanche Biotechnologies, Inc. is developing technologies and products for the sustained delivery of therapeutic proteins to the eye to treat wet age-related macular degeneration (AMD), as well as other ophthalmologic disorders, such as diabetic retinopathy, retinal degeneration, and glaucoma. The company offers Occular BioFactory Technology, a drug delivery system, which uses the body's own cells to produce therapeutic proteins on an ongoing basis following a single injection. Avalanche has collaborations with academic institutions and pharmaceutical companies to develop and market its drug delivery platforms. In July 2014, Avalanche conducted its initial public offering, raising over $106 million. The company was also invited to the Davos World Economic Forum in 2015
