#United States #San Diego #stock offering #RNA Therapeutics #Avidity Biosciences

Avidity Biosciences Closes Upsized Public Offering

In a significant move, Avidity Biosciences, Inc. (Nasdaq: RNA) announced the successful closure of its upsized public offering of common stock, aimed at propelling the development of its cutting-edge RNA therapeutics. The offering consists of 17,250,000 shares, with 2,250,000 shares being sold through the underwriters' full exercise of their option to purchase additional shares, priced at $40.00 per share. The gross proceeds from this venture total $690 million before the deduction of underwriting discounts and commissions.

Avidity, known for its commitment to delivering innovative RNA therapeutics, particularly its Antibody Oligonucleotide Conjugates (AOCs™), plans to utilize the net proceeds effectively. The funds will support the advancement of three late-stage clinical programs alongside building inventory levels for various potential product launches. This strategic influx of cash will also bolster Avidity's research development efforts connected to its AOC platform and facilitate general working capital needs.

The public offering saw the participation of prominent financial institutions such as Leerink Partners, J.P. Morgan, TD Cowen, Cantor, and Wells Fargo Securities, who acted as joint bookrunning managers, ensuring that the procedure was executed seamlessly. Avidity conducted this offering in compliance with a shelf registration statement that became effective upon filing with the Securities and Exchange Commission (SEC).

Interested parties can obtain copies of the final prospectus supplement and associated documents through designated financial institutions that participated in the offering, or they can access the necessary documentation on the SEC's website.

Avidity's mission is not just about financial gains; it focuses on significantly improving the lives of individuals suffering from diseases previously deemed unreachable with existing therapies. Their proprietary AOCs aim to merge the specificity of monoclonal antibodies with the precision of oligonucleotide therapies, targeting various medical challenges including rare muscle diseases such as myotonic dystrophy type 1 (DM1), Duchenne muscular dystrophy (DMD), and facioscapulohumeral muscular dystrophy (FSHD).

In addition to these targets, Avidity is expanding its developmental focus to include two proprietary candidates in precision cardiology that aim to address rare genetic cardiomyopathies. With advancements in their pipeline that encompass both cardiology and immunology, Avidity is broadening its reach in the biopharmaceutical landscape through strategic partnerships.

Avidity's headquarters in San Diego serves as the hub for its pioneering work in RNA therapeutics. As they look toward the future, the company shows immense potential with their innovative solutions aimed at addressing unmet medical needs.

However, it’s essential to note that while this strong financial backing lays down a robust foundation for future growth, Avidity also acknowledges the inherent risks and uncertainties associated with their market strategies and operations. The company has urged stakeholders to consider these factors as forward-looking statements about their future may not always come to fruition as anticipated.

Avidity Biosciences continues to shape the future of RNA therapeutics with a focus on revolutionary treatments that could potentially transform patient care, with their recent activities indicating a determined stride towards success in this evolving sector.

For further inquiries, interested individuals can contact Investor Relations or Media Relations at Avidity to gain more insights into the company's advancements and future directions.

Contact Information:
Investor Contact: Kat Lange
Phone: (619) 837-5014
Email: [email protected]
Media Contact: Kristina Coppola
Phone: (619) 837-5016
Email: [email protected]