Avidity Biosciences Announces Pricing of Expanded Public Offering of Common Stock
SAN DIEGO, 14 August 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 the pricing of its upsized public offering of 7,320,000 shares of its common stock at a price of 41,00 € per share. All shares to be sold in the offering will be sold by Avidity. The gross proceeds to Avidity from the offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be approximately 300.1 million US dollarsThe offer is expected to close on or around 16 August 2024subject to the satisfaction of customary closing conditions. In addition, Avidity has granted the underwriters a 30-day option to purchase up to an additional 1,098,000 shares of common stock.
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 related to its AOC platform, and for working capital and general corporate purposes.
Leerink Partners, TD Cowen, Cantor, Barclays and Wells Fargo Securities are acting as joint book-running managers for the offering. Raymond JamesChardan and Needham & Company are acting as co-managers of the offering.
The securities described above are being offered by Avidity pursuant to a 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 have been filed with the SEC, and a final prospectus supplement relating to this offering will be filed with the SEC. The offering can only be made by means of a prospectus supplement and accompanying prospectus. Copies of the final prospectus supplement and accompanying prospectus relating to this offering may be obtained when available from: Leerink Partners LLC c/o Syndicate Department, 53 State Street, 40th Floor, Boston, Massachusetts 02109, or by phone at (800) 808-7525 extension 6105, or by email to [email protected]TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, NY 10017, by phone at (855) 495-9846 or by email at [email protected]Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, New York 10022 or by email to [email protected]Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by phone at (888) 603-5847 or by email at [email protected]or Wells Fargo Securities, LLC, 90 South 7th Street, 5th Floor, Minneapolis, Minnesota 55402, by phone at (800) 645-3751 (option #5), or by email at [email protected]Electronic copies of the final prospectus supplement and the related prospectus will also be available on the SEC’s website 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 the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Avidity
Avidity Biosciences, Inc.’s mission is to fundamentally improve people’s lives by delivering a new class of RNA therapeutics – antibody oligonucleotide conjugates (AOCs™). Avidity is revolutionizing the RNA field with its proprietary AOCs that combine the specificity of monoclonal antibodies with the precision of oligonucleotide therapies to address targets and diseases previously unreachable with existing RNA therapies. Using its proprietary AOC platform, Avidity demonstrated the first successful targeted delivery of RNA into muscle and is a leader in 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 expands the reach of AOCs through its advanced and growing pipeline, including programs in cardiology and immunology, internal discovery efforts and key partnerships. Avidity is headquartered in San Diego, California.
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, among others, statements regarding Avidity’s expectations regarding market conditions and the satisfaction of customary closing conditions related to the public offering, the expected completion of the offering and the expected use of proceeds therefrom. The inclusion of forward-looking statements should not be viewed 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 risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the proposed public offering, as well as the risks and uncertainties inherent in Avidity’s business described in prior press releases and filings with the SEC. This also applies to the risks and uncertainties associated with 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 in 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 these statements to reflect events or circumstances that occur 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:
Michael MacLean
(619) 837-5014
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