Avidity Biosciences Completes $690 Million Share Offering

Avidity Biosciences has completed a $690 million share offering. The biopharmaceutical company is developing RNA therapeutics called antibody oligonucleotide conjugates (AOCs) to address previously unreachable targets and diseases. Its pipeline includes three clinical development programs: AOC 1001 for myotonic dystrophy type 1, AOC 1044 for Duchenne muscular dystrophy, and AOC 1020 for facioscapulohumeral muscular dystrophy.

Avidity Biosciences, Inc. has successfully completed a $690 million share offering. The biopharmaceutical company specializes in developing a new class of ribonucleic acid (RNA) therapeutics known as antibody oligonucleotide conjugates (AOCs). These AOCs combine the specificity of monoclonal antibodies with the precision of oligonucleotide therapies, enabling the treatment of previously unreachable targets and diseases.

The company's expanding pipeline includes three clinical development programs. AOC 1001 is designed to treat people with myotonic dystrophy type 1 (DM1) and is currently in phase I/II development with the ongoing MARINA open label extension study (MARINA-OLE) Avidity Says Potential Duchenne Muscular Dystrophy Treatment Shows Disease Reversal in Phase 1/2 Trial^[1]. AOC 1044 is designed for people with Duchenne muscular dystrophy and is in phase I/II development with the EXPLORE44 trial Avidity Says Potential Duchenne Muscular Dystrophy Treatment Shows Disease Reversal in Phase 1/2 Trial^[1]. AOC 1020 is designed to treat people living with facioscapulohumeral muscular dystrophy (FSHD) and is in Phase I/II development with the FORTITUDE trial Avidity Says Potential Duchenne Muscular Dystrophy Treatment Shows Disease Reversal in Phase 1/2 Trial^[1].

This latest funding round will support Avidity Biosciences' ongoing research and development efforts, particularly in advancing its pipeline of AOCs. The company aims to revolutionize the treatment landscape for rare and challenging diseases by leveraging the unique capabilities of its RNA therapeutics.