Applied Genetic Technologies Corporation (AGTC), a US-based biotechnology company focusing on ophthalmology, has raised $50m in its initial public offering.
AGTC, which counts MedImmune and SR One among its shareholders, issued almost 4.2 million shares priced at $12.00 each. Underwriters BMO Capital Markets, Wedbush PacGrow Life Sciences, Cantor Fitzgerald & Co. and Roth Capital Partners have the 30-day option to acquire a further 625,000 shares, which would increase the size of the offering to $57.5m.
SR One, the corporate venturing unit for pharmaceutical company GlaxoSmithKline, is the second largest AGTC shareholder, having held a 20.4% stake that dropped to 14.1% after the IPO. It co-led AGTC’s $37.5m series B round in November 2012 with venture capital firm Alta Partners, AGTC’s largest shareholder with a stake now equal to 21.1.%, down from 30.7%.
MedImmune Ventures, a venture capital fund owned by healthcare company MedImmune, has been an investor in AGTC since the latter’s $27.8m series A-1 round. It held a 15.1% stake, which has been reduced to 10.4%.
AGTC has raised $77.1m in equity funding since it was founded in 2003, with additional investors being Osage University Partners, InterWest Partners and Intersouth Partners.
AGTC is developing treatments based on gene therapy for inherited orphan diseases in ophthalmology. It intends to use the money to fund clinical trials for its XLRS and ACHM product candidates, and to support additional preclinical studies of another product candidate, XLRP.
The company’s shares opened at $12.78 on March 27 on Nasdaq and initially rose to a high of $15.90 before closing at $14.55 the following day.