AGTC Awarded Small Business Grant.

Business Editors & Health/Medical Writers

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GAINESVILLE, Fla.--(BUSINESS WIRE)--Jan. 24, 2003

Applied Genetic Technologies Corporation, AGTC, a gene therapy company located outside Gainesville, Florida, announced the award of a $131,711 Small Business Innovation Research (SBIR) Grant from the National Institutes of Health (NIH). This is the second grant that the company has been awarded from the NIH.

The new grant, entitled Molecular Breeding of Gene Therapy Vectors, will allow the company to investigate changes in its Adeno Associated Viral Vectors to target particular tissue types. This project will represent a significant advance in the development of gene delivery systems with precise targeting that improve patient outcomes. More specific targeting can reduce dosing requirements, lower the severity of side effects and assure better delivery to the tissue type that requires therapy.

AGTC is currently raising a Series B venture investment of $12 million in order to fund Phase II Human Clinical Trials for its Alpha One Antitrypsin Deficiency (A1AD) product and to scale-up its production process to support market launch.

In September 2001 AGTC received Series A venture funding from PrimBio Tech, SAS, of Paris, France. The $6 million investment is being used by AGTC to complete pre-clinical toxicology studies and Phase I Human Clinical Trials for its lead product to treat A1AD and to complete the initial development of its proprietary production method.

Based in the University of Florida's Sid Martin Biotechnology Development Incubator, AGTC is a biotechnology company involved in the development of gene therapy products using its proprietary Adeno Associated Virus technology and production methods.