LA JOLLA, Calif., Aug. 3,
2021 /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 8,000,000 shares of its common stock at a price
to the public of $18.00 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 $144.0
million. The offering is expected to close on or about
August 6, 2021, 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 1,200,000 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 complete its Phase 1/2 MARINA trial for AOC 1001; to
advance AOC 1044 and its AOC FSHD program into clinical
development; to further advance its AOC platform in and beyond its
muscle franchise; and towards working capital and other general
corporate purposes.
Cowen, SVB Leerink, Evercore ISI and Wells Fargo Securities are
acting as joint bookrunning 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 SVB Leerink LLC, Attention: Syndicate
Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800)
808-7525, ext. 6105, or by email at syndicate@svbleerink.com; 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; or from Wells Fargo Securities, LLC,
Attention: Equity Syndicate Department, 500 West 33rd Street,
New York, NY 10001, or by
telephone at (800) 326-5897, 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 lead product
candidate, AOC 1001, is designed to treat myotonic dystrophy type 1
(DM1). The FDA has cleared Avidity to proceed with the Phase 1/2
MARINATM trial of AOC 1001 in adults with myotonic
dystrophy type 1 (DM1). Its advancing and expanding pipeline also
includes programs in facioscapulohumeral muscular dystrophy (FSHD),
Duchenne Muscular Dystrophy (DMD), muscle atrophy and Pompe
disease. The company is planning for AOC 1044, the lead of three
programs for the treatment of DMD, and its AOC FSHD program to
enter the clinic in 2022. 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 La Jolla, CA.
Forward Looking Statements
Avidity cautions you 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 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,
including those described in the company's prior press releases and
the company's filings with the Securities and Exchange Commission
(SEC), including under the heading "Risk Factors" in the company's
Annual Report on Form 10-K and any subsequent filings with the SEC.
You are cautioned 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.
CONTACTS:
Kathleen Gallagher
(858) 401-7900
kath.gallagher@aviditybio.com
Amy Conrad
Juniper Point
(858) 366-3243
amy@juniper-point.com
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SOURCE Avidity Biosciences, Inc.