Biopharmaceutical company Avidity Biosciences ( NASDAQ: RNA ) priced an underwritten public offering of 10.55M shares at $38.00 per share.
Gross proceeds are expected to be $400.9M. The offering is expected to close on or about June 17, 2024.
Underwriters have an option to buy additional ~1.58M shares. Net proceeds together with its existing cash will serve the development of its clinical programs, to advance research and development associated with its AOC platform and for working capital and general corporate purposes.
The stock price was marginally down 1% on Thursday during after hours of trade. More on Avidity Biosciences Avidity Biosciences: Strong Buy With Promising RNA Therapeutics Pipeline Avidity Biosciences announces proposed offering of common stock Avidity gains on early Phase 1/2 data for muscle disorder therapy Seeking Alpha’s Quant Rating on Avidity Biosciences Historical earnings data for Avidity Biosciences.
