GAINESVILLE, Fla., and CAMBRIDGE, Mass., Jan. 28, 2021 (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 16,741,573 shares of its common stock, together with accompanying warrants to purchase 8,370,786 shares of common stock. The common stock will be sold in combination with an accompanying warrant to purchase 0.5 of a share of common stock issued for each share of common stock sold. The combined offering price to the public of each share of common stock and accompanying warrant is $4.45. The warrants must be exercised in integral multiples of two and will have an exercise price of $6.00 per share, will be immediately exercisable and will have a term of five years from the date of issuance. The gross proceeds to AGTC from this offering are expected to be approximately $74.5 million, before deducting underwriting discounts and commissions and other offering expenses payable by AGTC. All of the securities are being sold by AGTC. The offering is expected to close on or about February 1, 2021, subject to customary closing conditions.
Stifel, Wells Fargo Securities and MTS Health Partners are acting as joint book-running managers of the offering, H.C. Wainwright & Co. is acting as lead manager for the offering and Roth Capital Partners is acting as co-manager for the offering.
AGTC intends to use the net proceeds from this offering, together with other available funds, to fund its ongoing Skyline and Vista clinical trials in its X-linked retinitis pigmentosa (XLRP) program and its ongoing Phase 1/2 clinical trials in its Achromatopsia (ACHM) program, and for working capital and other general corporate purposes
AGTC is a clinical-stage biotechnology company developing genetic therapies for people with rare and debilitating ophthalmic, otologic and central nervous system (CNS) diseases. AGTC is a leader in designing and constructing all critical gene therapy elements and bringing them together to develop customized therapies that address real patient needs. AGTC’s most advanced clinical programs leverage its best-in-class technology platform to potentially improve vision for patients with an inherited retinal disease. AGTC has active clinical trials in X-linked retinitis pigmentosa (XLRP) and achromatopsia (ACHM CNGB3 & ACHM CNGA3). Its preclinical programs build on the Company’s industry-leading AAV manufacturing technology and scientific expertise. AGTC is advancing multiple important pipeline candidates to address substantial unmet clinical need in optogenetics, otology and CNS disorders.