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 (AOCsTM), 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. 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. Leerink 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. The 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 supple.