SAN
DIEGO, Aug. 14, 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 the
pricing of its upsized underwritten public offering of 7,320,000
shares of its common stock at a price to the public of $41.00 per share. All of the shares to be sold in
the offering are to be sold by Avidity. The gross proceeds to
Avidity from the offering, before deducting the underwriting
discounts and commissions and other offering expenses, are expected
to be approximately $300.1 million.
The offering is expected to close on or about August 16, 2024, subject to the satisfaction of
customary closing conditions. In addition, Avidity has granted the
underwriters a 30-day option to purchase up to an additional
1,098,000 shares of common stock.
Avidity intends to use the net proceeds from this offering,
together with its existing cash, cash equivalents and marketable
securities, to fund the development of its clinical programs, to
advance research and development associated with its AOC platform
and for working capital and general corporate purposes.
Leerink Partners, TD Cowen, Cantor, Barclays and Wells Fargo
Securities are acting as joint bookrunning managers for the
offering. Raymond James, Chardan and
Needham & Company are acting as co-managers for the
offering.
The securities described above are being offered by Avidity
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 this offering were filed with
the SEC and a final prospectus supplement relating to the offering
will be filed with the SEC. The offering may be made only by means
of a prospectus supplement and accompanying prospectus. When
available, copies of the final prospectus supplement and the
accompanying prospectus relating to this offering may be obtained
from: Leerink Partners LLC c/o Syndicate Department, 53 State
Street, 40th Floor, Boston,
MA 02109, or by telephone at (800) 808-7525 ext. 6105, or by
email at syndicate@leerink.com, TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, NY 10017, by telephone at (855)
495-9846, or by email at TD.ECM_Prospectus@tdsecurities.com,
Cantor Fitzgerald & Co., Attention: Capital Markets, 110
East 59th Street, 6th Floor, New York,
New York 10022, or by email at prospectus@cantor.com,
Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, New
York 11717, by telephone at (888) 603-5847, or by email at
Barclaysprospectus@broadridge.com, or Wells Fargo Securities, LLC,
90 South 7th Street, 5th Floor, Minneapolis, MN 55402, by telephone at (800)
645-3751 (option #5), or by email at
WFScustomerservice@wellsfargo.com. Electronic copies of the final
prospectus supplement and accompanying prospectus will also be
available on the website of the SEC at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
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.
Forward-Looking Statements
Avidity cautions readers that statements contained in this press
release regarding matters that are not historical facts are
forward-looking statements. These statements are based on the
company's current beliefs and expectations. Such forward-looking
statements include, but are not limited to, statements regarding
Avidity's expectations of the market conditions and the
satisfaction of customary closing conditions related to the public
offering, the expected closing of the offering and the anticipated
use of proceeds therefrom. The inclusion of forward-looking
statements should not be regarded as a representation by Avidity
that any of its plans will be achieved. Actual results may differ
from those set forth in this press release due to the risks and
uncertainties associated with market conditions and the
satisfaction of customary closing conditions related to the
proposed public offering, as well as risks and uncertainties
inherent in Avidity's business described in prior press releases
and in filings with the SEC, including under the heading "Risk
Factors" in Avidity's most recent annual report on Form 10-K and
any subsequent filings with the SEC. Avidity cautions readers not
to place undue reliance on these forward-looking statements, which
speak only as of the date hereof, and Avidity undertakes no
obligation to update such statements to reflect events that occur
or circumstances that arise after the date hereof. All
forward-looking statements are qualified in their entirety by this
cautionary statement, which is made under the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995.
Company Contact:
Mike MacLean
(619) 837-5014
investors@aviditybio.com
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SOURCE Avidity Biosciences, Inc.
