Avidity Biosciences, Inc. (NASDAQ: RNA) has announced its intention to offer and sell $500.0 million of shares of its common stock in an underwritten public offering, with a 30-day option for the underwriters to purchase up to an additional $75.0 million of shares. The company plans to use the net proceeds, along with its existing cash, cash equivalents, and marketable securities, for various purposes including advancing the development of its three late-stage clinical programs, building commercial inventory levels, and expanding its commercial infrastructure.
The joint bookrunning managers for the offering are Leerink Partners, J.P. Morgan, TD Cowen, Cantor, and Wells Fargo Securities. The securities are being offered pursuant to a shelf registration statement that became automatically effective upon filing with the Securities and Exchange Commission (SEC). A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC.
Avidity Biosciences, Inc. aims to utilize the proceeds to advance the development of its three late-stage clinical programs, to build appropriate commercial inventory levels to support multiple potential launches, to expand its commercial infrastructure, to progress research and development associated with its AOC platform, and for working capital and general corporate purposes.
The company's mission is to improve people’s lives by delivering a new class of RNA therapeutics—antibody oligonucleotide conjugates (AOCs™). Avidity is revolutionizing the field of RNA with its proprietary AOCs, which are 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.
Utilizing its proprietary AOC platform, Avidity demonstrated the first-ever successful targeted delivery of RNA into muscle and is 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 advancing two wholly-owned precision cardiology development candidates addressing rare genetic cardiomyopathies. In addition, the company is broadening the reach of AOCs with its advancing and expanding pipeline, including programs in cardiology and immunology through key partnerships.
Avidity Biosciences, Inc. is headquartered in San Diego, CA. Today the company's shares have moved -9.96% to a price of $40.285. If you want to know more, read the company's complete 8-K report here.
