AGTC - Applied Genetic Technologies proposes stock offering to fund clinical programs; slides 18%

Applied Genetic Technologies (NASDAQ:AGTC) said it has started a public offering of its common stock that will see underwriters' overallotment option to purchase up to an additional 15% of shares offered. Size, price and other terms of the offering not yet determined. The company intends to use the net proceeds to fund 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 and other general corporate purposes. Stock is down 18% in after-hours trading.

For further details see:

Applied Genetic Technologies proposes stock offering to fund clinical programs; slides 18%