AGTC - Applied Genetic Technologies plunges on $9.8M stock offering

Applied Genetic Technologies (NASDAQ:AGTC) plunged 28.3% premarket after it priced its earlier announced underwritten public offering of 7.5M shares for gross proceeds of ~$9.8M. Underwriters granted 30-day option to purchase up to ~1.125M shares. Offer is expected to close on or about Mar.24. Net proceeds along with other available funds to be used for funding its ongoing Skyline and Vista clinical trials in its X-linked retinitis pigmentosa program and its ongoing Phase 1/2 clinical trials in its Achromatopsia program, its preclinical development programs and for working capital purposes.

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Applied Genetic Technologies plunges on $9.8M stock offering