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 the
pricing of an underwritten public offering of 12,000,000 shares of
its common stock at a price to the public of $17.25 per share. All of the shares to be sold in
the offering are to be sold by Avidity. The gross proceeds to
Avidity from the offering, before deducting the underwriting
discounts and commissions and other offering expenses, are expected
to be $207 million. The offering is expected to close on or
about December 20, 2022, subject to
the satisfaction of customary closing conditions. In addition,
Avidity has granted the underwriters a 30-day option to purchase up
to an additional 1,800,000 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 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 were filed with
the SEC and a final prospectus supplement relating to the offering
will be filed with the SEC. The offering may be made only by means
of a prospectus supplement and accompanying prospectus. When
available, copies of the final 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
final 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 market conditions and the
satisfaction of customary closing conditions related to the public
offering, the expected closing of the 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.