Avidity Biosciences, a Torrey Pines biopharmaceutical company, has closed its underwritten public offering of 12.13 million shares of common stock.
That includes 1.58 million shares sold pursuant to the underwriters’ full exercise of options to purchase additional shares, at a price to the public of $38.00 per share.
The gross proceeds to Avidity from the offering, before deducting underwriting discounts, commissions and other expenses, were approximately $461 million.
The stock was trading at $37.76, down 1.47%, at midday Thursday, but has been on an upward trajectory since late February.
Avidity intends to use the net proceeds from this offering, to fund the development of clinical programs, as the company works on development of a new class of RNA therapeutics called Antibody Oligonucleotide Conjugates (AOCs).
Utilizing its proprietary AOC platform, Avidity demonstrated the first-ever successful targeted delivery of RNA into muscle as it pursues clinical development programs for three rare muscle diseases – myotonic dystrophy type 1, Duchenne muscular dystrophy and facioscapulohumeral muscular dystrophy.
The offering also will be used to develop other clinical programs and for working capital and general corporate purposes. Avidity is seeking to broaden the reach of AOCs with additional programs in cardiology and immunology.
TD Cowen, Leerink Partners, Cantor Fitzgerald & Co., Barclays Capital and Wells Fargo Securities acted as joint managers for the offering.
