Foley Hoag Congratulates Client Applied Genetic Technologies Corporation On Success of Recent Initial Public Offering
April 23, 2014
Foley Hoag LLP congratulates client Applied Genetic Technologies Corporation (Nasdaq: AGTC) on the successful completion of its initial public offering of approximately 4.2 million shares of its common stock, at an initial public offering price of $12.00 per share, and the exercise in full by the underwriters of their option to purchase 625,000 additional shares of common stock. The net proceeds of the offering to AGTC were approximately $52 million.
AGTC plans to use the net proceeds of the offering primarily to continue the development, preclinical and clinical trials of its product candidates for treating X-linked retinoschisis, achromatopsia and X-linked retinitis pigmentosa. The company also plans to explore potential applications of its gene therapy platform in other indications in orphan ophthalmology.
Foley Hoag, which is AGTC’s regular outside counsel, advised the company in connection with the IPO. The Foley Hoag team includes partners Hemmie Chang and Robert Sweet, and associates Dan Clevenger, Erica Rice, and Steve Hollingsworth.
“We are delighted to have had the opportunity to work with AGTC to achieve this milestone,” Chang said. “We look forward to helping the company realize the tremendous promise of its gene therapy platform, which has the potential to provide patients suffering from these severe eye diseases with treatments that offer life-long clinical benefits, potentially based on a one-time therapeutic administration.”
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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