SAN
DIEGO, Jan. 20, 2023 /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
on January 20, 2023, the Compensation Committee of
Avidity's Board of Directors granted non-qualified stock option
awards to purchase an aggregate of 12,350 shares of its common
stock and 6,175 restricted stock units ("RSUs") to three new
non-executive employees under the Avidity Biosciences, Inc. 2022
Employment Inducement Incentive Award Plan (the "2022 Inducement
Plan"). The awards were granted as inducements material to the
employees entering into employment with Avidity in accordance with
Nasdaq Listing Rule 5635(c)(4).
The 2022 Inducement Plan is used exclusively for the grant of
equity awards to individuals who were not previously employees of
Avidity, or following a bona fide period of non-employment, as an
inducement material to such individuals' entering into employment
with Avidity, pursuant to Nasdaq Listing Rule 5635(c)(4).
The options have an exercise price of $22.47 per share, which is equal to the closing
price of Avidity's common stock on The Nasdaq Global Market
on January 20, 2023. The shares subject to the stock options
will vest over four years, with 25% of the shares vesting on
January 20, 2024 and the balance of
the shares vesting in a series of 36 successive equal monthly
installments thereafter, subject to each employee's continued
employment with Avidity on such vesting dates. The RSUs will vest
in four equal installments on the first four anniversaries of
January 20, 2023, subject to each
employee's continued employment with Avidity on such vesting dates.
The awards are subject to the terms and conditions of the 2022
Inducement Plan and the terms and conditions of a stock option
agreement or RSU agreement, as applicable, covering the grant.
About Avidity Biosciences
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
MARINATM and MARINA-OLETM
trials. AOC 1020 is designed to treat people
living with facioscapulohumeral muscular dystrophy
(FSHD) and is currently in Phase 1/2 development with
the FORTITUDETM 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 EXPLORE44TM
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. For more information about our
science, pipeline and people, please visit
www.aviditybiosciences.com and engage with us on
LinkedIn and Twitter.
Investor Contact:
Kathleen
Gallagher
(858) 401-7900 x550
investors@aviditybio.com
Media Contact:
Navjot
Rai
(858) 401-7900 x550
media@aviditybio.com
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SOURCE Avidity Biosciences, Inc.