AGTC Announces Proposed Public Offering of Common Stock
March 21 2022 - 04:01PM
Applied Genetic Technologies Corporation (Nasdaq: AGTC), a
clinical-stage biotechnology company focused on the development and
commercialization of adeno-associated virus (AAV)-based gene
therapies for the treatment of rare and debilitating diseases with
an initial focus on inherited retinal diseases (IRDs), today
announced that it has commenced an underwritten public offering of
its common stock. All of the shares in the proposed offering are
being sold by AGTC. In addition, AGTC expects to grant to the
underwriter a 30-day option to purchase up to an additional 15% of
shares of the common stock sold in the public offering. 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.
Cantor Fitzgerald & Co. is acting as the sole book-running
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, its preclinical development programs
and for working capital and other general corporate purposes.
A registration statement relating to the shares of common stock
being offered has been filed with, and declared effective by, the
Securities and Exchange Commission (the “SEC”). A preliminary
prospectus supplement relating to the offering has also been filed
with the SEC and is available on the SEC’s website
at http://www.sec.gov. Copies of the preliminary prospectus
supplement and accompanying prospectus may be obtained from Cantor
Fitzgerald & Co., Attn: Capital Markets, 499 Park Avenue, 4th
floor, New York, NY 10022; Email: prospectus@cantor.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or jurisdiction.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including
statements regarding AGTC’s proposed offering of securities, that
involve a number of risks and uncertainties. Statements that are
not historical facts are based on AGTC’s current expectations,
beliefs and assumptions regarding the market for its common stock.
There can be no assurance regarding the completion, timing or size
of the proposed offering. Important factors that could cause actual
outcomes to differ materially from those indicated by these
forward-looking statements include risks and uncertainties related
to market conditions, the satisfaction of customary closing
conditions related to the proposed public offering and other
factors described in AGTC’s most recent Annual Report on Form 10-K
for the year ended June 30, 2021, subsequent quarterly reports on
Form 10-Q and the preliminary prospectus supplement. AGTC cautions
investors not to place undue reliance on the forward-looking
statements contained in this release. These statements speak only
as of the date of this release, and AGTC undertakes no obligations
to update or revise these statements, except as may be required by
law.
About AGTC 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 designing and constructing critical
gene therapy elements and bringing them together to develop
customized therapies with the potential to address unmet patient
needs. AGTC’s most advanced clinical programs in X-linked retinitis
pigmentosa (XLRP) and achromatopsia (ACHM CNGB3) leverage its
technology platform to potentially improve vision for patients with
inherited retinal diseases. Its preclinical programs build on the
Company’s AAV manufacturing technology and scientific expertise.
AGTC is advancing multiple pipeline candidates to address
substantial unmet clinical need in optogenetics, otology and CNS
disorders, and has entered into strategic collaborations with
companies including Bionic Sight, an innovator in the emerging
field of optogenetics and retinal coding and Otonomy, Inc., a
biopharmaceutical company dedicated to the development of
innovative therapeutics for neurotology.
IR CONTACT: David Carey Lazar FINN PartnersT:
(212) 867-1768 david.carey@finnpartners.com
Corporate Contacts:Jonathan LieberChief
Financial OfficerApplied Genetic Technologies CorporationT: (617)
843-5778jlieber@agtc.com
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