Thinly traded Applied Genetic Technologies (NASDAQ:AGTC) is set for a significant down move after announcing unsuccessful results from a Phase 1/2 clinical trial assessing gene therapy rAAV2tYF-CB-hRS1 in patients with an inherited retinal disorder called X-linked retinoschisis (XLRS). Six-month data failed to show any signs of clinical activity.
The lack of progress has prompted Biogen (NASDAQ:BIIB) to terminate its collaboration agreement with AGTC in XLRS and three other discovery programs. All rights will revert back to AGTC.
Shares, currently halted, will resume trading at 4:30 pm ET.
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