Avidity Biosciences raises $400M in oversubscribed private placement; cash runway into late 2026

Avidity Biosciences, Inc.

Gross proceeds ~$400M from sale of 15.2M shares at $16.50/share and 9.0M pre-funded warrants at $16.4990 each.
New and existing investors include Adage Capital, Boxer Capital, Casdin, Farallon, Janus Henderson, RA Capital, RTW, Wellington.
Placement expected to close March 4, 2024; proceeds to fund R&D, working capital, general corporate purposes.
Pro forma cash, equivalents and investments expected to fund operations into late 2026.
Company to host webcast March 4, 2024, to present AOC 1001 data from MARINA-OLE trial in DM1.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Avidity Biosciences, Inc. entered into Purchase Agreement with the purchasers named therein valued at approximately $400 million (effective 2024-02-28).

Action: entry
Agreement: equity purchase
Counterparty: the purchasers named therein
Value: approximately $400 million
Effective: 2024-02-28

Exact text from the filing

On February 28, 2024, Avidity Biosciences, Inc. (“Avidity” or the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with the purchasers named therein (the “Purchasers”), for the private placement (the “Private Placement”) of (i) 15,224,773 shares (the “Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), at a price of $16.50 per Share, and (ii) with respect to certain Purchasers, pre-funded warrants to purchase an aggregate of 9,030,851 shares of Common Stock (the “Pre-Funded Warrants”), at a purchase price of $16.4990 per Pre-Funded Warrant (the shares of Common Stock issuable upon exercise of the Pre-Funded Warrants, the “Warrant Shares”). The aggregate gross proceeds for the Private Placement are expected to be approximately $400 million, before deducting offering fees and expenses.

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Source: SEC EDGAR

accession 0001599901-24-000032

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