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AGTC Announces New Corporate Office and Laboratory Facility

GAINESVILLE, Fla. and CAMBRIDGE, Mass., Feb. 17, 2016 (GLOBE NEWSWIRE) -- Applied Genetic Technologies Corporation (Nasdaq:AGTC), a biotechnology company conducting human clinical trials of adeno-associated virus (AAV)-based gene therapies for the treatment of rare diseases, today announced the opening of a new combined use corporate office and laboratory facility in the rapidly growing North Central Florida biotech corridor.

AGTC was founded based on technology developed at the University of Florida and the company maintains extensive ties to the University through multiple Sponsored Research Agreements. These contracts cover basic research for many new product candidates, support of clinical trials and projects that will enhance the basic AAV technology platform.

The company will be hosting an open house event on Thursday, February 18th from 4:30 to 7:30 pm EST at 14193 NW 119th Terrace, Suite #10 in Alachua, Florida. Representatives from local government, the research, academic and healthcare communities and members of the media interested in attending the event may RSVP by email to mlromney@lazarpartners.com.

“We are excited to announce our new base of operations in this modern expanded office space and state-of-the-art laboratory,” said Sue Washer, President and CEO of AGTC. “The new facility will help us to accelerate our research and development efforts for novel AAV-based gene therapies for rare diseases and house critical corporate functions including finance, quality assurance and project management, while providing ample space as we continue to bring new talent to our team.”

AGTC’s portion of the new multi-tenant facility is expected to accommodate up to about 75 people and consists of approximately 20,000 square feet including state-of-the-art lab and office space as well as space for future expansion.

“We are pleased to see rapid development and growing interest from the biotechnology sector in the Gainesville area,” said David Day, Assistant Vice President & Director of the Office of Technology Licensing at the University of Florida. “AGTC’s progress to date is a primary example of how a research-based concern can be successfully spun out from academia and advance the potential of its technology. AGTC’s progress in developing novel treatments for rare diseases without adequate therapeutic options is a particularly good model for the entire biotechnology sector.”

About AGTC

AGTC is a clinical-stage biotechnology company that uses its proprietary gene therapy platform to develop products designed to transform the lives of patients with severe diseases, with an initial focus in ophthalmology. AGTC's lead product candidates focus on inherited orphan diseases of the eye, caused by mutations in single genes that significantly affect visual function and currently lack effective medical treatments.

AGTC’s product pipeline includes six named ophthalmology development programs across five targets (X-linked retinoschisis, X-linked retinitis pigmentosa, achromatopsia, wet age-related macular degeneration and blue cone monochromacy), non-ophthalmology programs in alpha-1 antitrypsin deficiency and adrenoleukodystrophy and proof-of-concept data in multiple additional indications. AGTC employs a highly targeted approach to selecting and designing its product candidates, choosing to develop therapies for indications having high unmet medical need, clinical feasibility and commercial potential. AGTC has a significant intellectual property portfolio and expertise in the design of gene therapy products including capsids, promoters and expression cassettes, as well as, expertise in the formulation, manufacture and physical delivery of gene therapy products.

Forward Looking Statements
This release contains forward-looking statements that reflect AGTC's plans, estimates, assumptions and beliefs. These statements relate to a variety of matters, including but not limited to, AGTC’s expectations regarding its ability to execute its clinical and business strategies and the anticipated benefits of AGTC’s new facility. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as "anticipates," "believes," "could," "seeks," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would" or similar expressions and the negatives of those terms. Actual results could differ materially from those discussed in the forward-looking statements, due to a number of important factors, which include, but are not limited to, the following: no gene therapy products have been approved in the United States and AGTC cannot predict when or if it will obtain regulatory approval to commercialize a product candidate; uncertainty regarding AGTC’s ability to achieve the expected benefits from its collaborations with Biogen and others, including as a result of risks and uncertainties associated with drug development and commercialization; AGTC relies on third parties to conduct, supervise and monitor its clinical trials and to conduct certain aspects of its research, product manufacturing and protocol development; and increased regulatory scrutiny of gene therapy and genetic research could damage public perception of AGTC's product candidates or adversely affect AGTC's ability to conduct its business. Additional factors that could cause actual results to differ materially from those described in the forward-looking statements are set forth under the heading "Item 1A—Risk Factors" in AGTC's Annual Report on Form 10-K for the fiscal year ended June 30, 2015, as filed with the SEC. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent management's plans, estimates, assumptions and beliefs only as of the date of this release. Except as required by law, AGTC assumes no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

IR/PR CONTACTS: David Carey (IR) or Danielle Lewis (PR) Lazar Partners Ltd. T: (212) 867-1768 or (212) 843-0211 dcarey@lazarpartners.com or dlewis@lazarpartners.com CORPORATE CONTACTS: Larry Bullock Chief Financial Officer Applied Genetic Technologies Corporation T: (386) 462-2204 lbullock@agtc.com Stephen Potter Chief Business Officer Applied Genetic Technologies Corporation T: (617) 413-2754 spotter@agtc.com

Source:Applied Genetic Technologies Corporation