#United States #San Diego #biotech #RNA Therapeutics #Avidity Biosciences

Avidity Biosciences Announces Inducement Grants

On January 6, 2025, Avidity Biosciences, Inc. (Nasdaq: RNA), known for pioneering RNA therapeutics, declared that its Human Capital Management Committee, part of the Board of Directors, had granted a non-qualified stock option award. This pivotal move marks a key step in enhancing their executive team.

The company extended stock option privileges, comprising 80,000 shares of common stock and 40,000 restricted stock units (RSUs) to Charles Calderaro III, who has recently joined the firm as Chief Technical Officer (CTO). This award came under the auspices of Avidity's 2022 Employment Inducement Incentive Award Plan, in adherence to Nasdaq Listing Rule 5635(c)(4).

Avidity's inducement plan specifically caters to fresh hires or former employees returning after a bona fide break in service. The stock option comes with an exercise price set at $31.42 per share, equivalent to the closing stock price on the day of the award. Notably, the stock options are designed to vest over four years, allowing 25% of the options to be exercised after the first year followed by 36 monthly installments, contingent upon Calderaro's continued employment with Avidity.

In addition, the corporation has structured the RSUs to offer four equal vesting increments over four years, further aligning the new CTO's incentives with the long-term objectives of the company.

Avidity’s Aspirations in RNA Therapeutics

Avidity Biosciences aims to revolutionize the treatment landscape through their committed focus on a novel class of RNA therapeutics known as Antibody Oligonucleotide Conjugates (AOCs™). These treatments are engineered to combine the unique targeting capacity of monoclonal antibodies with the precision of oligonucleotide therapies.

The company's flagship technology has contributed to significant breakthroughs, including the first effective targeted delivery of RNA to muscle tissue, a crucial innovation for treating rare neuromuscular diseases. Avidity currently spearheads clinical development programs addressing conditions such as myotonic dystrophy type 1 (DM1), Duchenne muscular dystrophy (DMD), and facioscapulohumeral muscular dystrophy (FSHD).

This recent development in leadership comes at a pivotal time as Avidity is on the cusp of accelerating its commercialization strategies for three rare muscle disease programs. Moreover, the company is bolstering its pipeline with groundbreaking initiatives in cardiology, focusing on addressing rare genetic cardiomyopathies. Partnerships in cardiology and immunology further exemplify Avidity’s ambition to broaden the scope of AOCs, making a profound impact in the biotechnology sector.

With a headquarters in San Diego, California, Avidity Biosciences continues to make strides in the biotech industry lined with extensive possibilities for innovation. For further details about their innovative AOC platform and developmental pipelines, interested parties are encouraged to visit Avidity Biosciences' official website or connect through LinkedIn and X.