)8 14 2014

)8 14 2014 From: Vahe Stepanian To: "Jeffrey E." <[email protected]> CC: Daniel Sabba Ariane Dwyer Paul Morris , Stewart Oldfield , Richard Kahn , , Subject: FW: (BFW) Avalanche Bio Falls After Scrapping Plans for Ph.2b Study [C] Date: Fri, 14 Aug 2015 14:32:36 +0000 Inline-Images: image003.jpg Classification: Confidential Jeffrey - posting you on AAVL. The stock is down - 25% today to $10.289 on the back of news that it plans to scrap a planned Phase 2b trial — additional details below. Recall that Southern Financial is long 10,000 AAVL @ $39.86, purchased 4/20/2015 (unrealized loss - $295k). Please let us know how you would like to proceed. Thank you, Vahe VAAVL US 3.541 Z10.28/10.290 1.17 Al At 10:19 . ._ 2,358a9, 93 0 11.,54c, 7f 12.25D L 10.1.90 Val 26.32171 tazillablIMI 9D Sa s... 46 Actions - 9 Ed,- - 93/ ablen "W Line Ching? tdisKtOnlegiainir! ELME "I Volum 0. 00 V 0 IV ..v nax Dn a., • Smurityntudy .our r.„, Woe WM -••• T *lb to OVTIVIS *nos SUM 1taoa 01111/15 USq 0.110ane 3-159M Oct t vent O I O In lit w b Rey 2015 'Used with permission of Bloomberg Finance LP Original Message From: Vahe Stepanian (DEUTSCHE BANK SECURI) [mailto:[email protected]] Sent: Friday, August 14, 2015 10:18 AM Subject: (BFW) Avalanche Bio Falls After Scrapping Plans for Ph.2b Study (BFW) Avalanche Bio Falls After Scrapping Plans for Ph.2b Study in 2H EFTA01206023 This has been prepared solely for informational purposes. It is not an offer, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. It is based on information generally available to the public from sources believed to be reliable. No representation is made that it is accurate or complete or that any returns indicated will be achieved. Changes to assumptions may have a material impact on any returns detailed. Past performance is not indicative of future returns. Price and availability are subject to change without notice. Additional information is available upon request. PZM 08/13 20:05 Avalanche Biotechnologies, Inc. Reports Second Quarter 2015 Financial Results and Provides Update on AVA-101 Program BFW 08/13 20:24 *AVALANCHE WON'T START A PHASE 26 TRIAL OF AVA-101 FOR WET AMD BN 08/13 20:24 *AVALANCHE WONT START A PHASE 26 TRIAL OF AVA-101 FOR WET AMD BN 08/13 20:24 *AVALANCHE WONT STARTA PHASE 2B TRIAL OF AVA-101 FOR WET AMD BN 08/13 20:24 *AVALANCHE WON'T INITIATE PHASE 2B TRIAL BN 08/13 20:19 *AVALANCHE BIOTECHNOLOGIES 2Q REV $0.2M, EST. $0.4M BN 08/13 20:05 *AVALANCHE BIOTECHNOLOGIES, 2Q LOSS/SHR 38C BN 08/13 20:05 *AVALANCHE BIOTECHNOLOGIES, REPORTS 2Q '15 FINANCIAL RESULTS, Avalanche Bio Falls After Scrapping Plans for Ph.2b Study in 2H 2015-08-13 20:35:05.499 GMT By Jeremy R. Cooke (Bloomberg) -- Avalanche Biotechnologies said it won't initiate Phase 2b trial in 2H of 2015 after further analyses of previously reported Phase 2a data of AVA-101 for potential treatment of wet age-related macular degeneration. AAVL down 20% post-mkt after 112k shrs traded. * AAVL instead will run added preclinical studies to investigate optimal dose and delivery of AVA-101 and AVA-201 vs standard of care anti-VEGF protein therapy to select best gene therapy product candidate for wet AMD * AAVL says it's on track to complete candidate selection for AVA-201 by end of 2015 * Cash/equivalents $279.6m as of June 30 vs $159.4m at end of 2014; AAVL doesn't see burn rate recognized over past two quarters changing "substantially" over next 18 months * 2Q rev. $0.2m, est. $0.4m * 2Q loss/shr 38c, est. loss 37c * NOTE: AAVL shrs were down 74% year through today's close * June 15, Avalanche Bio Falls as Drug Tied to Retinal Thickening in AMD; Link * June 16, AVALANCHE STREET WRAP: Analyst Ratings Cut on Controversial Data; Link Statement: Link Link to Company News:{AAVL US <Equity> CN <GO>) For Related News and Information: First Word scrolling panel: {FIRST<GO>} First Word newswire: (NH BFW<GO>} EFTA01206024 To contact the editor responsible for this story: Jeremy R. Cooke at +1-617-210-4654 or [email protected] This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01206025