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Keep An Eye On AGTC, Stock Up Over 40% In A Month

agtc jan08 lt

Shares of Applied Genetic Technologies Corp. (AGTC) have returned nearly 49 percent over the last one month as the Company gears up to report additional results from X-linked retinitis pigmentosa (XLRP) and achromatopsia trial results this month.

XLRP is an inherited ocular disease caused by mutations in the RPGR gene and is characterized by progressive vision loss in boys and young men.

A phase I/II trial of an AAV gene therapy product candidate expressing the RPGR protein for the treatment of X-linked retinitis pigmentosa is underway.

The topline six-month data from the dose-escalation portion of the phase I/II XLRP program and preliminary three-month data from the XLRP dose expansion group were reported last September. Both data sets demonstrated a favorable safety profile with stability of visual function in peripherally dosed patients and improvement of visual function in 50% of centrally dosed patients.

The interim six-month data from the expansion group of the phase I/II XLRP program is expected to be reported in January 2020.

Two parallel phase I/II studies of the Company's gene therapy candidate for Achromatopsia, namely CNGB3 trial and CNGA3 trial, are also underway. Early data from the trials were reported last September suggesting a meaningful benefit from treatment for the patients.

Interim six-month data from both the achromatopsia B3 and A3 phase I/II studies are also expected this month.

Achromatopsia is a condition characterized by a partial or total absence of color vision. People with complete achromatopsia cannot perceive any colors; they see only black, white, and shades of gray. Incomplete achromatopsia is a milder form of the condition that allows some color discrimination (Source: Genetics Home Reference, NIH).

The Company also has a diverse portfolio of preclinical programs, including two ophthalmology programs and three programs targeting central nervous system (CNS) disorders.

Balance Sheet:

The net loss was $11.6 million or $0.64 per share for the three months ended September 30, 2019, on nil revenue. This compared with a net income of $1.2 million or $0.07 per share on Collaboration & Grant revenue of $14 million in the year-ago quarter.

As of September 30, 2019, the Company's cash, cash equivalents, and investments amounted to $71.1 million, which is expected to be sufficient to fund operations into the first half of 2021.

AGTC has traded in a range of $2.52 to $5.49 in the last 1 year. The stock closed yesterday's (Jan.7, 2020) trading at $4.27, up 3.39%.

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