Funding from new and existing investors,
including Adage Capital Partners LP, Boxer Capital, Casdin Capital,
LLC, Farallon, Janus Henderson Investors, RA Capital Management,
RTW Investments, Wellington Management, as well as multiple large
investment management firms
Pro forma cash, cash equivalents and
investments expected to provide runway into late 2026
Avidity to host Volume 8 of investor and
analyst event series via webcast March 4,
2024, at 8:00 a.m. ET to
present AOC 1001 data from MARINA-OLE™
SAN
DIEGO, Feb. 29, 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 agreed to sell 15,224,773 shares of its common stock at a
price of $16.50 per share and
pre-funded warrants to purchase 9,030,851 shares of its common
stock at a price per pre-funded warrant of $16.4990 to a select group of institutional and
accredited healthcare specialist investors in an oversubscribed
private placement. The pre-funded warrants have an exercise price
of $0.001 per share, will be
immediately exercisable and will not expire.
Avidity anticipates the gross proceeds from the private
placement to be approximately $400
million, before deducting any offering-related fees and
expenses. The private placement is expected to close on or about
March 4, 2024, subject to customary
closing conditions.
The financing includes participation from new and existing
institutional investors, including Adage Capital Partners LP, Boxer
Capital, Casdin Capital, LLC, Farallon, Janus Henderson Investors,
RA Capital Management, RTW Investments, Wellington Management, as
well as multiple other large investment management firms.
Leerink Partners, BofA Securities, Cantor and Chardan acted as
placement agents for the private placement.
Avidity intends to use the net proceeds from the proposed
financing to fund research and development of its clinical-stage
product candidates, other research programs, working capital and
general corporate purposes. The proceeds from this financing,
combined with current cash, cash equivalents and investments, are
expected to fund current operations into late 2026.
The securities to be sold in the private placement have not been
registered under the Securities Act of 1933, as amended (the
Securities Act), or any state or other applicable jurisdiction's
securities laws, and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act and applicable state or other jurisdictions'
securities laws. Avidity has agreed to file a registration
statement with the U.S. Securities and Exchange Commission (the
SEC) registering the resale of the shares of common stock issued in
the private placement and the shares of common stock issuable upon
the exercise of the pre-funded warrants issued in the private
placement no later than the 30th day after the closing of the
private placement.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any offer, solicitation or sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful. Any offering of the securities under the resale
registration statement will only be made by means of a
prospectus.
Video Webcast Information
The company is hosting
Volume 8 of its investor and analyst event series on March 4, 2024, beginning at 8:00 a.m. ET to discuss new AOC 1001 long-term
efficacy and safety data from the MARINA-OLE™ trial in people
living with DM1. The virtual event will be available via a live
video webcast and can be accessed here or from the "Events and
Presentations" page in the "Investors" section of Avidity's
website. A replay of the webcast will be archived on Avidity's
website following the event.
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 (AOCs™).
Avidity is revolutionizing the field of RNA with its proprietary
AOCs, which are designed to combine the specificity of monoclonal
antibodies with the precision of oligonucleotide therapies to
address targets and diseases previously unreachable with existing
RNA therapies. Utilizing its proprietary AOC platform, Avidity
demonstrated the first-ever successful targeted delivery of RNA
into muscle and is leading the field with clinical development
programs for three rare muscle diseases: myotonic dystrophy type 1
(DM1), Duchenne muscular dystrophy (DMD) and facioscapulohumeral
muscular dystrophy (FSHD). Avidity is broadening the reach of AOCs
with its advancing and expanding pipeline including programs in
cardiology and immunology through internal discovery efforts and
key partnerships. Avidity is headquartered in San Diego, CA.
Forward Looking Statements
Avidity cautions readers
that statements contained in this press release regarding matters
that are not historical facts are forward-looking statements. The
forward-looking statements are based on our current beliefs and
expectations and include, but are not limited to, statements
regarding: the timing, size and expectation of the closing of the
private placement; expectations regarding market conditions, the
satisfaction of customary closing conditions related to the private
placement and the anticipated use of proceeds therefrom; and
projected cash runway. Such forward-looking statements involve
substantial risks and uncertainties that could cause our actual
results, performance or achievements to differ significantly from
those expressed or implied by the forward-looking statements. The
inclusion of forward-looking statements should not be regarded as a
representation by us that any of our plans will be achieved. Actual
results may differ from those set forth in this press release due
to the risks and uncertainties inherent in our business, including,
without limitation: the risks and uncertainties associated with
market conditions and the satisfaction of customary closing
conditions related to the proposed financing; we could exhaust our
available capital resources sooner than we currently expect; and
other risks described in our filings with the SEC, including under
the heading "Risk Factors" in our annual report on Form 10-K, and
any subsequent filings with the SEC. Avidity cautions readers not
to place undue reliance on these forward-looking statements, which
speak only as of the date hereof, and we undertake no obligation to
update such statements to reflect events that occur or
circumstances that arise 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.
Investor Contact:
Geoffrey
Grande, CFA
(619) 837-5014
investors@aviditybio.com
Media Contact:
Navjot
Rai
(619) 837-5016
media@aviditybio.com
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SOURCE Avidity Biosciences, Inc.