SAN
DIEGO, Jan. 20, 2025 /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, 2025, the Human
Capital Management Committee of Avidity's Board of Directors
granted a non-qualified stock option award to purchase an aggregate
of 10,500 shares of its common stock and 5,250 restricted stock
units ("RSUs") to one (1) new non-executive employee 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 option has an exercise price of $28.92 per share, which is equal to the closing
price of Avidity's common stock on The Nasdaq Global Market on
January 17, 2025. The shares subject
to the stock option will vest over four years, with 25% of the
shares vesting on the one-year anniversary of December 20, 2024 or the vesting commencement
date, and the balance of the shares vesting in a series of 36
successive equal monthly installments thereafter, subject to the
employee's continued employment with Avidity on such vesting dates.
The RSUs will vest in four equal installments on the first four
anniversaries of the vesting commencement date, subject to the
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
Avidity Biosciences, Inc.'s mission is
to profoundly improve people's lives by delivering a new class of
RNA therapeutics - Antibody Oligonucleotide Conjugates (AOCs™).
Avidity is revolutionizing the field of RNA with its proprietary
AOCs, which are designed to combine the specificity of monoclonal
antibodies with the precision of oligonucleotide therapies to
address targets and diseases previously unreachable with existing
RNA therapies. Utilizing its proprietary AOC platform, Avidity
demonstrated the first-ever successful targeted delivery of RNA
into muscle and is leading the field with clinical development
programs for three rare neuromuscular diseases: myotonic dystrophy
type 1 (DM1), Duchenne muscular dystrophy (DMD) and
facioscapulohumeral muscular dystrophy (FSHD). Avidity is also
advancing two wholly-owned precision cardiology development
candidates addressing rare genetic cardiomyopathies. In addition,
Avidity is broadening the reach of AOCs with its advancing and
expanding pipeline including programs in cardiology and
immunology through key partnerships. Avidity is headquartered
in San Diego, CA. For more
information about our AOC platform, clinical development pipeline
and people, please visit www.aviditybiosciences.com and engage
with us on LinkedIn and X.
Investor Contact:
Kat Lange
(619) 837-5014
investors@aviditybio.com
Media Contact:
Di
Andrews
(619) 837-5016
media@aviditybio.com
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SOURCE Avidity Biosciences, Inc.
