GAINESVILLE, Fla. and CAMBRIDGE, Mass., Feb. 06, 2020 (GLOBE NEWSWIRE) -- Applied Genetic Technologies Corporation (Nasdaq: AGTC), a biotechnology company conducting human clinical trials of adeno-associated virus (AAV)-based gene therapies for the treatment of rare diseases, today announced the pricing of its previously announced underwritten public offering of 6,500,000 shares of its common stock at a public offering price of $5.00 per share, less underwriting discounts and commissions. In addition, AGTC has granted the underwriters a 30-day option to purchase up to an additional 975,000 shares of its common stock at the public offering price per share, less the underwriting discounts and commissions. The gross proceeds from the offering are expected to be $32,500,000 before deducting underwriting discounts and commissions and estimated offering expenses payable by AGTC. All of the shares are being sold by AGTC. The offering is expected to close on or about February 11, 2020, subject to satisfaction of customary closing conditions.

Wells Fargo Securities, LLC and Wedbush Securities Inc. are acting as joint book-running managers for the offering. H.C. Wainwright & Co., LLC is acting as lead manager for the offering. Janney Montgomery Scott LLC and Roth Capital Partners are acting as co-managers for the offering.

About AGTC

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.