SAN
DIEGO, June 21, 2023 /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, 2023, the Human Capital Management Committee
of Avidity's Board of Directors granted non-qualified stock option
awards to purchase an aggregate of 23,650 shares of its common
stock and 11,825 restricted stock units ("RSUs") to four (4) 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 $11.61 per share, which is equal
to the closing price of Avidity's common stock on The Nasdaq Global
Market on June 20, 2023. 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 Twitter.
Investor Contact:
Kathleen
Gallagher
(858) 401-7900 x550
investors@aviditybio.com
Media Contact:
Navjot
Rai
(858) 401-7900 x550
media@aviditybio.com
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SOURCE Avidity Biosciences, Inc.