Avidity Biosciences Announces $300M Stock Offering

By Bobby Samwell • Saturday, June 15 06:05 • Permanent Link

Avidity Biosciences, Inc. (NASDAQ: RNA) has announced its intention to offer and sell $300.0 million of shares of its common stock in an underwritten public offering, with an additional option for the underwriters to purchase up to an additional $45.0 million of shares. The company plans to utilize the net proceeds from this offering, along with its existing cash, cash equivalents, and marketable securities, to fund the development of its clinical programs, advance research and development associated with its AOC platform, and for working capital and general corporate purposes.

TD Cowen, Leerink Partners, Cantor, Barclays, and Wells Fargo Securities are acting as joint bookrunning managers for the offering.

Avidity Biosciences, Inc. has filed a shelf registration statement that became automatically effective upon filing with the Securities and Exchange Commission (SEC). The company intends to use the net proceeds from the offering, together with its existing resources, to further its clinical programs and advance research and development associated with its AOC platform.

Avidity Biosciences, Inc.'s mission is to improve people's lives by delivering a new class of RNA therapeutics known as antibody oligonucleotide conjugates (AOCs™). The company is revolutionizing the field of RNA with its proprietary AOCs, designed to combine the specificity of monoclonal antibodies with the precision of oligonucleotide therapies to address targets and diseases previously unreachable with existing RNA therapies.

The company is currently leading the field with clinical development programs for three rare muscle diseases: myotonic dystrophy type 1 (DM1), Duchenne muscular dystrophy (DMD), and facioscapulohumeral muscular dystrophy (FSHD). Avidity is also broadening the reach of AOCs with its advancing and expanding pipeline, including programs in cardiology and immunology through internal discovery efforts and key partnerships. Today the company's shares have moved -0.8% to a price of $39.64. For the full picture, make sure to review Avidity Biosciences's 8-K report.

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