SAN
DIEGO, Aug. 19, 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 has closed its previously announced underwritten public offering
of 8,418,000 shares of its common stock, including 1,098,000 shares
sold pursuant to the underwriters' full exercise of their option to
purchase additional shares, at a price to the public of
$41.00 per share. The gross proceeds
to Avidity from the offering, before deducting the underwriting
discounts and commissions and other offering expenses, were
approximately $345.1 million. All of
the shares sold in the offering were sold by Avidity.
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 acted as joint bookrunning managers for the
offering. Raymond James, Chardan and
Needham & Company acted as co-managers for the offering.
The securities described above were offered by Avidity pursuant
to a shelf registration statement that became automatically
effective upon filing with the Securities and Exchange Commission
(SEC). A final prospectus supplement and the accompanying
prospectus relating to this offering have been filed with the SEC.
The offering was made only by means of a prospectus and prospectus
supplement that form a part of the registration statement. 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 are also
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 anticipated use of proceeds from the public 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, 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.