Business
Avidity Biosciences Reports First Quarter 2023 Financial Results and Recent Highlights
Positive topline data from AOC 1001 Phase 1/2 MARINA™ trial demonstrated functional improvement, disease modification and favorable safety and tolerability
About this update from Atrium Therapeutics, Inc.
[{"type":"text","content":"Positive topline data from AOC 1001 Phase 1/2 MARINA™ trial demonstrated functional improvement, disease modification and favorable safety and tolerability profile in people living with myotonic dystrophy type 1\nAdvancing three programs in clinical trials with data expected later this year - first look at data from open-label extension study, MARINA-OLE™; healthy volunteer data from EXPLORE44™\nExpands research and development pipeline with rare skeletal muscle and first cardiology programs\nSAN DIEGO, May 9, 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 reported financial results for the first quarter ended March 31, 2023 and highlighted recent corporate progress. Avidity ended the first quarter of 2023 with cash, cash equivalents and marketable securities totaling $586.3 million.\n\n \n \n \n \n \n \n\n \n\"We are pleased with the positive AOC 1001 topline data reported at AAN demonstrating directional functional improvements across multiple functional measurements. We are focused on discussions with the FDA to define a path forward for AOC 1001 as soon as possible,\" said Sarah Boyce, president and chief executive officer at Avidity. \"We have a number of important milestones from our pipeline expected this year including a first look at data from the MARINA-OLE™ trial and data from healthy volunteers in the Phase 1/2 EXPLORE44™ study. We are executing on our clinical and pipeline programs to develop much needed therapies for people living with devastating rare diseases.\"\n\"We ended Q1 with $586 million which puts us in a strong financial position with a runway to mid-2025. We continue to invest in our advancing and expanding pipeline in skeletal muscle and cardiology rare disease programs while also expanding the broad utility of our AOC platform through our internal discovery efforts and collaborations,\" said Mike MacLean, chief financial officer and chief business officer at Avidity.\nRecent Highlights\nPresented topline data for MARINA™ at American Academy of Neurology (AAN) 2023 Annual Meeting in April 2023:The MARINA trial concluded with the 38 participants with myotonic dystrophy type 1 (DM1). The company will continue to dose the participants at both 2 mg/kg ...