, /PRNewswire/ -- Avidity Biosciences, Inc. (Nasdaq: ), a biopharmaceutical company committed to delivering a new class of RNA therapeutics called Antibody Oligonucleotide Conjugates (AOCsTM), today announced the pricing of an underwritten public offering of 10,550,000 shares of its common stock at a price to the public of 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 . The offering is expected to close on or about , 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 1,582,500 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 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. TD Cowen, Leerink Partners, Cantor, Barclays 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 accompa.
