SAN DIEGO , Aug. 13, 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 intends to offer and sell, subject to market and other conditions, $250 .
0 million of shares of its common stock in an underwritten public offering. In addition, Avidity intends to grant the underwriters a 30-day option to purchase up to an additional $37.5 million of shares of common stock.
All of the shares to be sold in the offering are to be sold by Avidity. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. 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 and TD Cowen 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 accompanying prospectus relating to this offering will be filed with the SEC.
When available, copies of the prelimina.