AGTC - NetworkNewsBreaks - Applied Genetic Technologies Corp. (NASDAQ: AGTC) Secures $37.4M in Underwritten Public Offering
Applied Genetic Technologies (NASDAQ: AGTC), a biotechnology company conducting human clinical trials of adeno-associated virus (“AAV”)-based gene therapies for the treatment of rare diseases, has closed an underwritten public offering. According to the update, the offering consisted of 7,475,000 shares of its common stock, including an additional 975,000 shares pursuant to the full exercise of the over-allotment granted to the underwriters. Applied Genetic Technologies secured gross proceeds of approximately $37.4 million, with each of the shares sold at the public offering price of $5.00. ROTH Capital Partners acted as co-manager for the offering.
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About Applied Genetic Technologies Corp.
AGTC is a clinical-stage biotechnology company that uses a proprietary gene therapy platform to develop transformational genetic therapies for patients suffering from rare and debilitating diseases. Its initial focus is in the field of ophthalmology, in which it has active clinical trials in X-linked retinitis pigmentosa (“XLRP”) and achromatopsia (“ACHM CNGB3” & “ACHM CNGA3”). In addition to its clinical trials, AGTC has preclinical programs in optogenetics, otology and adrenoleukodystrophy (“ALD”), frontotemporal dementia (“FTD”) and amyotrophic lateral sclerosis (“ALS”), which are diseases of the central nervous system (“CNS”), and other ophthalmology indications. The optogenetics program is being developed in collaboration with Bionic Sight. The otology program is being developed in collaboration with Otonomy. AGTC has a significant intellectual property portfolio and extensive expertise in the design of gene therapy products including capsids, promoters and expression cassettes, as well as expertise in the formulation, manufacture and physical delivery of gene therapy products. For more information, please visit www.AGTC.com.
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