AGTC Announces Pricing for $10 Million Underwritten Public Offering | Nation/World

GAINESVILLE, Fla. and CAMBRIDGE, Mass., July 12, 2022 (GLOBE NEWSWIRE) — Applied Genetic Technologies Corporation (“AGTC” or the “Company”) (Nasdaq: AGTC), a clinical-stage biotechnology company focused on developing 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 underwritten public offering announcement of 16,666,667 shares of its common stock (or their common stock equivalents) and accompanying warrants to purchase up to 16,666,667 common shares at a combined public offering price of $0.60 per common share and per warrant, less underwriting rebates and commissions. The warrants have an exercise price of $0.60 per share, are exercisable immediately and will expire five years from the date of issue. The offering is expected to close on or about July 15, 2022, subject to the satisfaction of customary closing conditions.

HC Wainwright & Co. is acting as sole bookrunner for the proposed public offering.

In addition, AGTC has granted the underwriter a 30-day option to purchase up to 2,500,000 additional common shares and/or warrants to purchase up to 2,500,000 additional common shares at the public offering price, less subscription discounts and commissions.

The gross proceeds of the offering to AGTC, before deducting underwriting discounts and commissions and other offering expenses payable by AGTC, are expected to be approximately $10 million.

AGTC intends to use the net proceeds of this offering, along with other available funds, to fund its ongoing Skyline and Vista clinical trials in its X-Linked Retinitis Pigmentosa Program (XLRP) and trials ongoing phase 1/2 clinical trials in its Achromatopsia (ACHM program), preclinical development programs, investments in its manufacturing facility and for working capital and other general business purposes, including payments provided under its term loan with Hercules Capital, Inc.

A shelf registration statement on Form S-3 (File No. 333-255008) relating to the securities offered has been filed with and declared effective by the Securities and Exchange Commission (the “SEC”). A preliminary prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC on July 12, 2022. A final prospectus supplement relating to the offering will be filed with the SEC and will be available at SEC web at http://www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus, when available, may be obtained from HC Wainwright & Co., LLC, at 430 Park Avenue, New York, New York 10022, by telephone at ( 212) 856-5711 or by email. to investments@hcwco.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be illegal before registration. or qualification under the securities laws of such state or territory.

About AGTC

AGTC is a clinical-stage biotechnology company developing genetic therapies for people with rare and debilitating ophthalmic, otological and central nervous system (CNS) diseases. AGTC designs and builds critical gene therapy building blocks and brings them together to develop personalized therapies that can address unmet patient needs. AGTC’s most advanced clinical programs in X-linked retinitis pigmentosa (XLRP) and color blindness (ACHM CNGB3) leverage its technology platform to potentially improve vision for patients with inherited retinal diseases. Its preclinical programs leverage AAV manufacturing technology and the company’s scientific expertise. AGTC is advancing several pipeline candidates to address significant unmet clinical needs in optogenetics, otology and CNS disorders, and has entered into strategic collaborations with companies such as Bionic Sight, Inc., 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.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations regarding the satisfaction of the closing conditions of the offering and the intended use of proceeds, which involve a 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 securities. Important factors that could cause actual results to differ materially from those indicated by these forward-looking statements include risks and uncertainties relating to market conditions, the satisfaction of customary closing conditions relating to the proposed public offering and other factors described in AGTC’s most recent annual report. on Form 10-K for the fiscal year ended June 30, 2021, subsequent quarterly reports on Form 10-Q and the preliminary prospectus supplement filed with the SEC on July 12, 2022. The AGTC warns 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 obligation to update or revise these statements, except as required by law.

IR CONTACT:

David Carey

FINN Lazar Partners

Such. : (212) 867-1768

david.carey@finnpartners.com

Company details :

Jonathan Liber

Financial director

Applied Genetic Technologies Society

Such. : (617) 843-5778

jlieber@agtc.com

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