Applied Genetic Technologies nets $50M in IPO
Published: Thursday, March 27, 2014 at 3:32 p.m.
Last Modified: Thursday, March 27, 2014 at 3:32 p.m.
Alachua-based Applied Genetic Technologies Corp. raised $50 million through an initial public offering Thursday after offering nearly 4.2 million shares at $12 each.
The biotechnology company started trading on the Nasdaq Global Market under the symbol AGTC.
The $12 per share IPO is below the company's initial prediction of $13 to $15 after filing to raise up to $70 million in January.Bidding opened at $12.75 per share and ranged from $12.50 to $16.82 by mid-afternoon Thursday.
AGTC is developing gene therapy treatments for genetic eye diseases from technology licensed from the University of Florida.
The company was founded by five research scientists in 1999 and has raised more than $80 million in venture capital funding and $10.7 million in grant funding for research and development.
AGTC plans to use net proceeds of the stock sale to fund additional development, as well as clinical and preclinical studies of its various gene therapies, and to explore additional eye disease therapies, according to its IPO filing with the Securities and Exchange Commission.
The $50 million IPO is the second largest in the area following RTI Surgical's $80 million IPO on Nasdaq under the symbol RTIX in 2000. AGTC also joins Exactech (EXAC) and AxoGen (AXGN) on the Nasdaq.
The Associated Press contributed to this report.