Applied Genetic Technologies proposes stock offering to fund clinical trials

• Applied Genetic Technologies (NASDAQ:AGTC) announced Tuesday it plans to initiate underwritten stock offering that will see the issue of its common shares and accompanying stock purchase warrants.
• The company intends to use the net proceeds for fund its ongoing Skyline and Vista clinical trials in its X-linked retinitis pigmentosa program and its ongoing Phase 1/2 clinical trials in its Achromatopsia program, its preclinical development programs, investments in its manufacturing facility and for working capital and other general corporate purposes, including scheduled payments under its term loan with Hercules Capital, Inc.
• AGTC Shares fell 29% after-hours, Tuesday, to trade at $0.60.
• Earlier: Applied Genetic Technologies raised $9.8M in stock offering