Applied Genetic Technologies nets $50M in IPO

Applied Genetic Technologies Corp offered 4.2 million shares at $12 each through their initial public offering last Thursday. They raised $50 million after starting to trade on the Nasdaq Global Market under the symbol AGTC. They plan to use these earnings to fund additional development and other studies. The company is working on creating gene therapy treatments for genetic eye diseases. They are using technology licensed from UF to do so. The company was founded in 1999 by five research scientists and have raised $80 million in venture capital funding. Although their IPO was not as large as they had anticipated, it is the second largest in the area behind RTI. AGTC joins Exactech and AxoGen on the Nasdaq, and the Alachua-based company is expected to continue to grow.

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Nick Banks

Nick created Front Street Commercial Real Estate Group in 2002 and spent the first eight years developing and acquiring office and retail projects in South Florida as well as North Central Florida. In 2010 the focus of the firm was shifted to primarily serve third party clients and perform brokerage, property management and mortgage banking functions. Nick has personally developed and acquired nearly 200,000 square feet of office and retail properties in markets throughout Florida. Prior to founding Front Street, Nick was the Director of Finance and Dispositions for Stiles Corporation in Fort Lauderdale where he financed and sold over $500 million in commercial real estate. Before joining Stiles, Nick was an Associate Director at GE Capital Real Estate where he sourced over $200 million in financing throughout Florida. Nick is a graduate of the University of Florida with a degree in Finance and a concentration in Real Estate. He serves as a board member and current vice-chair for the United Way of North Central Florida where he also chairs the Development Committee. Nick is actively involved with the Gainesville Area Chamber of Commerce where he serves as a board member and committee member for the Council for Economic Outreach. He is also a recent graduate of Leadership Gainesville which is a year long leadership program hosted by the Chamber. He is a member of Grace United Methodist Church where he has served as finance chair and as a member of the leadership council. Nick serves as an advisory board member of the University of Florida Bergstrom Center for Real Estate Studies. Nick was recently named chair of the Gainesville committee for the North Florida chapter of Urban Land Institute (ULI). He is a licensed real estate broker in the State of Florida and is a long time member of the International Council of Shopping Centers.

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