Avidity Biosciences Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Avidity Biosciences, Inc. (Nasdaq: RNA) announced the granting of non-qualified stock options for 73,700 shares and 36,850 restricted stock units (RSUs) to six new non-executive employees on March 20, 2023. This is part of the company's 2022 Employment Inducement Incentive Award Plan, aimed at attracting talent following Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $20.07 per share, equal to the closing price on the grant date, and will vest over four years. Avidity is focused on developing Antibody Oligonucleotide Conjugates (AOCs™) to target diseases previously untreatable by RNA therapeutics.

Positive

• Granting stock options and RSUs aims to attract and retain talent.
• The option exercise price is aligned with the current market price, indicating potential growth.

Negative

• None.

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SAN DIEGO, March 21, 2023 /PRNewswire/ -- Avidity Biosciences, Inc. (Nasdaq: RNA), a biopharmaceutical company committed to delivering a new class of RNA therapeutics called Antibody Oligonucleotide Conjugates (AOCs™), today announced that on March 20, 2023, the Human Capital Management Committee of Avidity's Board of Directors granted non-qualified stock option awards to purchase an aggregate of 73,700 shares of its common stock and 36,850 restricted stock units ("RSUs") to six new non-executive employees under the Avidity Biosciences, Inc. 2022 Employment Inducement Incentive Award Plan (the "2022 Inducement Plan"). The awards were granted as inducements material to the employees entering into employment with Avidity in accordance with Nasdaq Listing Rule 5635(c)(4).

The 2022 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Avidity, or following a bona fide period of non-employment, as an inducement material to such individuals' entering into employment with Avidity, pursuant to Nasdaq Listing Rule 5635(c)(4).

The options have an exercise price of $20.07 per share, which is equal to the closing price of Avidity's common stock on The Nasdaq Global Market on March 20, 2023. The shares subject to the stock options will vest over four years, with 25% of the shares vesting on March 20, 2024 and the balance of the shares vesting in a series of 36 successive equal monthly installments thereafter, subject to each employee's continued employment with Avidity on such vesting dates. The RSUs will vest in four equal installments on the first four anniversaries of March 20, 2023, subject to each employee's continued employment with Avidity on such vesting dates. The awards are subject to the terms and conditions of the 2022 Inducement Plan and the terms and conditions of a stock option agreement or RSU agreement, as applicable, covering the grant.

About Avidity Biosciences

Avidity Biosciences, Inc.'s mission is to profoundly improve people's lives by delivering a new class of RNA therapeutics - Antibody Oligonucleotide Conjugates (AOCs™). Avidity's proprietary AOCs are designed to combine the specificity of monoclonal antibodies with the precision of oligonucleotide therapies to target the root cause of diseases previously untreatable with RNA therapeutics. Avidity's advancing and expanding pipeline has three programs in clinical development. AOC 1001 is designed to treat people with myotonic dystrophy type 1 (DM1) and is currently in Phase 1/2 development with the ongoing MARINA™ and MARINA-OLE™ trials. AOC 1020 is designed to treat people living with facioscapulohumeral muscular dystrophy (FSHD) and is currently in Phase 1/2 development with the FORTITUDE™ trial. AOC 1044 is designed for people with Duchenne muscular dystrophy (DMD) mutations amenable to exon 44 skipping and is currently in Phase 1/2 development with the EXPLORE44™ trial. AOC 1044 is the first of multiple AOCs the company is developing for DMD. Avidity is also broadening the reach of AOCs beyond muscle tissues through both internal discovery efforts and key partnerships as the company continues to deliver on the RNA revolution. Avidity is headquartered in San Diego, CA. For more information about our science, pipeline and people, please visit www.aviditybiosciences.com and engage with us on LinkedIn and Twitter.

Investor Contact:

Kathleen Gallagher 
(858) 401-7900 x550 
investors@aviditybio.com

Media Contact:
Navjot Rai 
(858) 401-7900 x550 
media@aviditybio.com

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SOURCE Avidity Biosciences, Inc.

FAQ

What is the purpose of the stock option awards announced by Avidity Biosciences on March 20, 2023?

The stock option awards are intended as inducements for six new non-executive employees to join Avidity Biosciences.

How many shares were granted as stock options by Avidity Biosciences?

Avidity Biosciences granted a total of 73,700 shares as stock options.

What is the exercise price for the stock options granted by Avidity Biosciences?

The exercise price for the stock options is $20.07 per share.

Under which plan were the stock options and RSUs granted by Avidity Biosciences?

The stock options and RSUs were granted under the 2022 Employment Inducement Incentive Award Plan.

How will the stock options granted by Avidity Biosciences vest?

The stock options will vest over four years, with 25% vesting on March 20, 2024, and the remainder vesting in monthly installments.