Foley Hoag Congratulates Client Applied Genetic Technologies Corporation on Closing of Public Offering
August 14, 2014
Foley Hoag LLP congratulates client Applied Genetic Technologies Corporation (Nasdaq: AGTC) on the closing of its public offering of 2 million shares of its common stock, at the price of $15.00 per share, and the exercise in full by the underwriters of their option to purchase 300,000 additional shares of common stock.
AGTC plans to use the net proceeds of the offering to fund preclinical investigation and Phase 1/2 trials of potential product candidates for treatment of wet AMD; to expand its manufacturing capabilities and create a pilot manufacturing group; to in-license, acquire or invest in complementary gene therapy, technologies, products or assets; and for working capital and other general corporate purposes.
Foley Hoag, which is AGTC’s regular outside counsel, advised the company in connection with the offering. The Foley Hoag team includes partners Hemmie Chang and Robert Sweet, and associates Dan Clevenger, Erica Rice, and Steve Hollingsworth.
Alachua, Fla.-based AGTC is a clinical-stage biotechnology company that uses its proprietary gene therapy platform to develop products designed to transform the lives of patients with severe inherited orphan diseases in ophthalmology. AGTC's lead product candidates focus on rare diseases of the eye, caused by mutations in single genes, that significantly affect visual function and currently lack effective medical treatments.
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