SAN
DIEGO, June 12, 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
it intends to offer and sell, subject to market and other
conditions, $300.0 million of shares
of its common stock in an underwritten public offering. In
addition, Avidity intends to grant the underwriters a 30-day option
to purchase up to an additional $45.0
million of shares of common stock. All of the shares to be
sold in the offering are to be sold by Avidity. There can be no
assurance as to whether or when the offering may be completed, or
as to the actual size or terms of the offering.
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.
TD Cowen, Leerink Partners, Cantor, Barclays and Wells Fargo
Securities are acting as joint bookrunning 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 will be filed
with the SEC and will be available on the SEC's website located at
http://www.sec.gov. When available, copies of the preliminary
prospectus supplement and the accompanying prospectus relating to
this offering may be obtained from 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, 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, 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
preliminary 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 completion, timing and size of the
proposed public offering, the grant of the option to the
underwriters and the anticipated use of proceeds from the offering.
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 Securities and
Exchange Commission (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:
Geoffrey Grande, CFA
(619) 837-5014
investors@aviditybio.com
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SOURCE Avidity Biosciences, Inc.