AGTC Announces Pricing of Public Offering of Common Stock
22 March 2022 - 11:45PM
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 the pricing of its previously announced underwritten
public offering of 7,500,000 shares of its common stock for gross
proceeds of approximately $9.8 million, before deducting the
underwriting discounts and commissions and other estimated offering
expenses payable by AGTC. All of the shares are being sold by AGTC.
The offering is expected to close on or about March 24, 2022,
subject to customary closing conditions. In addition, AGTC has
granted to the underwriter a 30-day option to purchase up to
approximately 1,125,000 additional shares of its common stock.
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.
Cantor Fitzgerald & Co. is acting as the sole book-running
manager for the offering.
The underwriter may offer the shares from time to time for sale
in one or more transactions on the Nasdaq Capital Market, in the
over-the-counter market, through negotiated transactions or
otherwise at market prices prevailing at the time of sale, at
prices related to prevailing market prices or at negotiated prices,
subject to receipt and acceptance by it and subject to its right to
reject any order in whole or in part.
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 and describing the terms of the
offering was filed with the SEC on March 21, 2022. A final
prospectus supplement relating to the offering will be filed with
the SEC and will be available on the SEC’s website
at http://www.sec.gov. Copies of the final prospectus
supplement and accompanying prospectus, when available, 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 expectations regarding the completion of the
offering and the anticipated use of proceeds, 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. 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 filed with the SEC on March 21, 2022. 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) 867-1768david.carey@finnpartners.com
Corporate Contacts:Jonathan LieberChief
Financial OfficerApplied Genetic Technologies CorporationT: (617)
843-5778jlieber@agtc.com
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