SAN
DIEGO, June 21, 2024 /PRNewswire/ -- Avidity
Biosciences, Inc. (Nasdaq: RNA), a biopharmaceutical company
committed to delivering a new class of RNA therapeutics called
Antibody Oligonucleotide Conjugates (AOCs™), today announced that
on June 20, 2024, the Human Capital Management Committee
of Avidity's Board of Directors granted non-qualified stock option
awards to purchase an aggregate of 173,300 shares of its common
stock and 86,650 restricted stock units ("RSUs") to fourteen (14)
new non-executive employees under the Avidity Biosciences, Inc.
2022 Employment Inducement Incentive Award Plan (the "2022
Inducement Plan"). The awards were granted as inducements material
to the employees entering into employment with Avidity in
accordance with Nasdaq Listing Rule 5635(c)(4).
The 2022 Inducement Plan is used exclusively for the grant of
equity awards to individuals who were not previously employees of
Avidity, or following a bona fide period of non-employment, as an
inducement material to such individuals' entering into employment
with Avidity, pursuant to Nasdaq Listing Rule 5635(c)(4). The
options have an exercise price of $37.61 per share, which is equal
to the closing price of Avidity's common stock on The Nasdaq Global
Market on June 20, 2024. The shares subject to the stock options
will vest over four years, with 25% of the shares vesting on the
one-year anniversary of the applicable vesting commencement date
and the balance of the shares vesting in a series of 36 successive
equal monthly installments thereafter, subject to each employee's
continued employment with Avidity on such vesting dates. The RSUs
will vest in four equal installments on the first four
anniversaries of the applicable vesting commencement date, subject
to each employee's continued employment with Avidity on such
vesting dates. The awards are subject to the terms and conditions
of the 2022 Inducement Plan and the terms and conditions of a stock
option agreement or RSU agreement, as applicable, covering the
grant.
About Avidity
Avidity Biosciences, Inc.'s mission is to profoundly 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 broadening the reach of AOCs with its advancing and
expanding pipeline including programs in cardiology and immunology
through internal discovery efforts and key partnerships. Avidity is
headquartered in San Diego, CA.
For more information about our AOC platform, clinical development
pipeline and people, please visit www.aviditybiosciences.com and
engage with us on LinkedIn and X.
Investor Contact:
Geoffrey
Grande, CFA
(619) 837-5014
investors@aviditybio.com
Media Contact:
Navjot
Rai
(619) 837-5016
media@aviditybio.com
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SOURCE Avidity Biosciences, Inc.