Applied Genetic Technologies Corporation’s AGTC share price has been increasing since the company announced that it has earned a milestone payment from collaboration partner with Biogen Inc. BIIB. Applied Genetics’ shares, which were up 2.7% immediately after the announcement, are up 7.8% over the last two trading sessions.
Applied Genetic said that it has achieved a patient enrollment milestone in the X-linked retinoschisis (XLRS) study and will receive a payment of $5 million from Biogen.
We note the Biogen agreement is focused on the development of its gene-based therapies for the treatment of XLRS and X-linked retinitis pigmentosa (XLRP).
As per the terms of the agreement, while Applied Genetic will carry out studies on XLRS through product approval and on XLRP through the completion of first-in-human study, Biogen will be responsible to support the study costs with subject to certain conditions, following the first-in-human study for XLRS and Investigational New Drug (IND)-enabling studies for XLRP.
The collaboration also includes three options for early stage discovery programs in two ophthalmic diseases and one non-ophthalmic condition.
As a remainder, earlier in March, the company had filed an IND application to carry out a phase I/II study for the treatment of XLRS. Initial data from the study should be out by year end.
Meanwhile, Applied Genetic continues to evaluate its candidates for the treatment of achromatopsia and wet age-related macular degeneration.
Applied Genetic carries a Zacks Rank #2 (Buy). Other favorably-ranked stocks in the health care sector include Gilead Sciences Inc. GILD and Regeneron Pharmaceuticals, Inc. REGN, each sporting a Zacks Rank #1 (Strong Buy).
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