Biogen shrugs off $1B-plus gene therapy pact after PhI/II implosion — AGTC shares crater
More than 3 years after Biogen $BIIB fronted their $1 billion-plus pact with Florida-based biotech AGTC with $124 million in cash to build their new gene therapy unit, the Boston-based biotech is bailing on the pact involving rare eye diseases.
Applied Genetic Technologies Corporation says their Phase I/II trial for rAAV2tYF-CB-hRS1, designed to cure X-linked retinoschisis due to mutations in the RS1 gene, was a flop. There were no signs of clinical activity at 6 months.
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