Applied Genetic Technologies (AGTC) Announces Proposed Public Offering of Common Stock and Warrants
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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 that it is offering to sell shares of its common stock and pre-funded warrants, together with accompanying warrants to purchase shares of its common stock in an underwritten public offering. All of the securities in the proposed offering are being sold by AGTC. The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering.
Stifel, Wells Fargo Securities and MTS Health Partners are acting as joint book-running managers of 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.
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