SAN
DIEGO, Dec. 15, 2022 /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, $150 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 15% of the shares of common stock
offered in the public offering. 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 research and development of its development
programs, to continue development work associated with advancing
its AOC platform and for working capital and general corporate
purposes.
Cowen, Evercore ISI and Wells Fargo Securities are acting as
joint bookrunning managers for the offering. Needham & Company
and Raymond James are acting as
co-lead 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. When available, copies of the preliminary prospectus
supplement and the accompanying prospectus relating to this
offering may be obtained from: Cowen and Company, LLC c/o
Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, Attn:
Prospectus Department, by email at
PostSaleManualRequests@broadridge.com or by telephone at (833)
297-2926; from Evercore Group L.L.C., Attention: Equity
Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, by telephone at
(888) 474-0200, or by email at ecm.prospectus@evercore.com; from
Wells Fargo Securities, LLC, Attention: Equity Syndicate
Department, 500 West 33rd Street, New
York, NY 10001, or by telephone at (833) 690-2713, or by
email at cmclientsupport@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 (AOCsTM). Avidity's
proprietary AOCs are designed to combine the specificity of
monoclonal antibodies with the precision of oligonucleotide
therapies to target the root cause of diseases previously
untreatable with RNA therapeutics. Avidity's advancing and
expanding pipeline has three programs in clinical development. AOC
1001 is designed to treat people with myotonic dystrophy type 1
(DM1) and is currently in Phase 1/2 development with the ongoing
MARINA™ and MARINA-OLE™ trials. AOC 1020 is designed to treat
people living with facioscapulohumeral muscular dystrophy (FSHD)
and is currently in Phase 1/2 development with the FORTITUDE™
trial. AOC 1044 is designed for people with Duchenne muscular
dystrophy (DMD) mutations amenable to exon 44 skipping and is
currently in Phase 1/2 development with the EXPLORE44™ trial. AOC
1044 is the first of multiple AOCs the company is developing for
DMD. Avidity is also broadening the reach of AOCs beyond muscle
tissues through both internal discovery efforts and key
partnerships as the company continues to deliver on the RNA
revolution. 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 and the anticipated use of proceeds
therefrom. 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 quarterly report on Form 10-Q 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 exist 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:
Kathleen
Gallagher
(858) 401-7900 x550
investors@aviditybio.com
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SOURCE Avidity Biosciences, Inc.