Avidity Biosciences Announces Closing of Upsized Public Offering of Common Stock, Including Full Exercise of Underwriters' Option to Purchase Additional Shares

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[{"type":"text","content":"SAN DIEGO, Aug. 19, 2024 /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 has closed its previously announced underwritten public offering of 8,418,000 shares of its common stock, including 1,098,000 shares sold pursuant to the underwriters' full exercise of their option to purchase additional shares, at a price to the public of $41.00 per share. The gross proceeds to Avidity from the offering, before deducting the underwriting discounts and commissions and other offering expenses, were approximately $345.1 million. All of the shares sold in the offering were sold by Avidity.\n\n \n \n \n \n \n \n\n \nAvidity intends to use the net proceeds from this offering, together with its existing cash, cash equivalents and marketable securities, to fund the development of its clinical programs, to advance research and development associated with its AOC platform and for working capital and general corporate purposes.\nLeerink Partners, TD Cowen, Cantor, Barclays and Wells Fargo Securities acted as joint bookrunning managers for the offering. Raymond James, Chardan and Needham & Company acted as co-managers for the offering.\nThe securities described above were offered by Avidity pursuant to a shelf registration statement that became automatically effective upon filing with the Securities and Exchange Commission (SEC). A final prospectus supplement and the accompanying prospectus relating to this offering have been filed with the SEC. The offering was made only by means of a prospectus and prospectus supplement that form a part of the registration statement. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained from: Leerink Partners LLC c/o Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525 ext. 6105, or by email at [email protected], TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, NY 10017, by telephone at (855) 495-9846, or by email at [email protected], Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, New York 10022, or by email at [email protected], Barclays Capital Inc., c/o Bro...

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