Applied Genetic Down Nearly 50% After Study Data, Biogen Terminating Collaboration

By Michael Dabaie

Applied Genetic Technologies Corp. (AGTC) shares fell 48% to $3.40 Thursday.

The clinical-stage biotechnology company Wednesday said results from an X-linked retinoschisis, or XLRS, study support general safety and tolerability of its gene delivery platform, but didn't demonstrate signs of clinical activity at the interim six-month time point.

The company said Biogen (BIIB) is terminating a collaboration agreement. Applied Genetic said it will regain full rights to the XLRS and X-linked retinitis pigmentosa, or XLRP, programs and the three other partnered discovery programs following Biogen's termination, effective on March 8.

Applied Genetic said it will complete patient monitoring activities on the XLRS program, but won't further develop the product. It said it plans to advance the XLRP program, and will determine next steps for the three discovery programs over the next several months.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

December 13, 2018 12:09 ET (17:09 GMT)

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