Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.


Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?


Please Try Again {{ error }}

Send my password

An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

Applied Genetic Tech's Shares Double on 6-Month X-Linked RP Study Results

Streetwise Reports, Streetwise Reports
0 Comments| January 10, 2020

{{labelSign}}  Favorites

Shares of Applied Genetic Technologies skyrocketed to a new 52-week high price after the company reported positive six-month data from its ongoing Phase 1/2 clinical study for treatment in X-Linked Retinitis Pigmentosa. The firm stated that the trial data suggests durable and meaningful improvements in central visual sensitivity and advised that it plans to initiate a pivotal trial by year-end 2020.


Clinical-stage biotechnology firm Applied Genetic Technologies Corp. (AGTC:NASDAQ), which is engaged in exploring gene therapies for the treatment of rare and inherited diseases, today announced positive interim six-month data from its ongoing Phase 1/2 clinical program in X-linked retinitis pigmentosa (XLRP). The company reported that "the results show that patients treated centrally with its product candidate demonstrated durable improvement in visual function six months after dosing."

The firm claimed that the additional data reinforces previously reported efficacy and safety results and that the updated data will be used in the design and implementation of the company's XLRP pivotal trial that is anticipated to commence by the end of 2020. AGTC stated that it plans to review the data from the XLRP and achromatopsia Phase 1/2 clinical programs at an R&D Day in New York City on January 28, 2020.

The company's President and CEO Sue Washer commented, "These promising results further demonstrate that our XLRP candidate has tremendous potential to provide meaningful benefit to XLRP patients who today have no treatment options...The positive results observed to date give us confidence that the data as a whole will support advancement of our XLRP clinical program to a pivotal trial in 2020."

Dr. Paul Yang, MD, PhD, assistant professor of ophthalmology at the Casey Eye Institute, Oregon Health & Science University in Portland, stated, "The sustained improvement in visual sensitivity in centrally dosed patients are compelling and, if confirmed in a pivotal trial, would be highly meaningful to patients...This is the first investigational therapy for XLRP to report on encouraging improvements in visual acuity. The combination of improved visual function across two endpoints in centrally treated patients and the previously reported stabilization of visual function in peripherally dosed patients, suggest that this gene-based therapy has the potential to be an important new approach to treating XLRP."

The company explained that X-linked Retinitis Pigmentosa (XLRP) "is an inherited condition that causes progressive vision loss in boys and young men. Characteristics of the disease include night blindness in early childhood and progressive constriction of the visual field. In general, XLRP patients experience a gradual decline in visual acuity over the disease course, which results in legal blindness around the 4th decade of life."

Applied Genetic Technologies is a is a clinical-stage biotechnology company headquartered just north of Gainesville in Alachua, Fla., that employs a proprietary gene therapy platform to develop transformational genetic therapies for patients suffering from rare inherited conditions and debilitating diseases. The firm indicates that its initial focus is in the field of ophthalmology and that its most advanced therapy programs are designed to restore visual function and meet the needs of patients with rare blinding conditions. The company has active clinical trials in X-linked retinitis pigmentosa and achromatopsia. AGTC additionally has preclinical programs in optogenetics and other ophthalmology indications and other central nervous system diseases including adrenoleukodystrophy (ALD).

Applied Genetics started off the day with a market capitalization of about $75.8 million with approximately 18.22 million shares outstanding. AGTC shares opened nearly 60% higher today at $6.65 (+$2.49, +59.86%) over yesterday's $4.16 closing price. The stock set a new 52-week high price of $8.80/share in morning trading and has traded today between $5.90 and $8.80 per share on extremely high relative volume. The firm's shares are currently trading at $8.77 (+$4.61, +110.73%).

1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

{{labelSign}}  Favorites


No comments yet. Be first to comment!

Leave a Comment

You must be logged in to be able to post a comment.

Get the latest news and updates from Stockhouse on social media


Featured Company