SAN
DIEGO, Aug. 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 August 20, 2024, the Human Capital Management
Committee of Avidity's Board of Directors granted non-qualified
stock option awards to purchase an aggregate of 52,100 shares of
its common stock and 26,050 restricted stock units ("RSUs") to
seven (7) 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 $44.87 per share, which is equal
to the closing price of Avidity's common stock on The Nasdaq Global
Market on August 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:
Mike
MacLean
(619) 837-5014
investors@aviditybio.com
Media Contact:
Navjot
Rai
(619) 837-5016
media@aviditybio.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/avidity-biosciences-announces-inducement-grants-under-nasdaq-listing-rule-5635c4-302227862.html
SOURCE Avidity Biosciences, Inc.