Avidity Biosciences, Inc. Stock Price, News & Analysis

Avidity Biosciences (RNA) announced a public offering of 8,000,000 shares at $18.00 each, aiming to raise approximately $144.0 million. The offering is expected to close on August 6, 2021. Proceeds will fund the Phase 1/2 MARINA trial for AOC 1001, advance AOC 1044 and the AOC FSHD program, and general corporate purposes. A 30-day option for underwriters to purchase an additional 1,200,000 shares is included. The offering is conducted under a shelf registration statement with the SEC.

Avidity Biosciences, Inc. (RNA) announced a proposed public offering of $100 million in common stock, with an additional 15% option for underwriters. The offering aims to fund the Phase 1/2 MARINA trial for AOC 1001, advance AOC 1044 and the AOC FSHD program, and support working capital. The offering is subject to market conditions and uncertainties regarding completion and terms. Joint bookrunning managers include Cowen, SVB Leerink, Evercore ISI, and Wells Fargo Securities.

Avidity Biosciences (RNA) has received FDA clearance to commence its Phase 1/2 MARINA trial for AOC 1001, aimed at treating myotonic dystrophy type 1 (DM1). This trial will enroll approximately 44 adults to assess the safety and tolerability of AOC 1001, which utilizes a monoclonal antibody conjugated with siRNA targeting DMPK mRNA, the root cause of DM1. The company has also obtained Orphan Drug Designation for AOC 1001, offering potential market exclusivity and financial incentives. Initial assessments of key biomarkers are expected in the second half of 2022.

Avidity Biosciences (RNA) reported significant updates on its therapeutic pipeline during a virtual investor event on May 19, 2021. The event highlighted the favorable safety profile of AOC 1001, its lead program for Myotonic Dystrophy Type 1, supporting its advancement to clinical trials. Additionally, AOC 1044 was named a clinical development candidate for Duchenne Muscular Dystrophy, entering IND-enabling studies. Avidity's AOCs aim to revolutionize oligonucleotide therapies, potentially leading to impactful treatments for severe diseases.

Avidity Biosciences (Nasdaq: RNA) reported its Q1 2021 financial results, highlighting significant progress in its AOC platform, particularly AOC 1001 for myotonic dystrophy type 1 (DM1). The company has over $300 million cash reserves, enabling continued investment in its pipeline. Collaboration revenue rose to $2.7 million, driven by a partnership with Eli Lilly. R&D expenses surged to $20.7 million due to advancing clinical programs. G&A expenses also increased to $5.9 million, reflecting higher personnel and professional costs.

Avidity Biosciences, Inc. (Nasdaq: RNA) announced a virtual investor and analyst event on May 19, 2021, from 8:00 a.m. to 10:00 a.m. PT. The event will showcase the company's innovative AOC platform and include a panel discussion with experts Drs. Phillip D. Zamore, Steven F. Dowdy, and Avidity's Chief Scientific Officer, Art Levin. Attendees will have the opportunity to engage in a Q&A session. A live video webcast of the event will be available on Avidity's website, along with a replay post-event.

Avidity Biosciences (Nasdaq: RNA) announced the presentation of preclinical data for its lead candidate, AOC 1001, targeting myotonic dystrophy type 1 (DM1), at the AAN 2021 Virtual Annual Meeting from April 17-22, 2021. Chosen as one of 11 highlighted abstracts, the data demonstrate a 75% reduction in DMPK mRNA levels post-treatment, indicating AOC 1001's potential as the first therapy for DM1. The oral presentation is scheduled for April 18, 2021. Avidity aims to initiate a Phase 1/2 study for AOC 1001 in late 2021.

Avidity Biosciences, Inc. (Nasdaq: RNA) announced its participation in multiple virtual investor conferences. Key events include the Guggenheim Healthcare Talks on April 1, where a panel on Duchenne Muscular Dystrophy will feature Avidity's Chief Scientific Officer, Arthur Levin, and prominent industry leaders. Additionally, Avidity will engage in investor meetings at the 2021 Virtual Wells Fargo Biotech Corporate Access Day on April 6, followed by a webcast presentation at the 20th Annual Needham Virtual Healthcare Conference on April 12. Live webcasts and replays will be available on Avidity's website.

Avidity Biosciences (Nasdaq: RNA) reported its financial results for Q4 and the full year 2020, showcasing significant advancements in its AOC pipeline. The company has $328 million in cash and plans to initiate a Phase 1/2 study of AOC 1001 for myotonic dystrophy type 1 (DM1) in late 2021. Collaboration revenue increased to $6.8 million for 2020, up from $2.3 million in 2019. R&D expenses surged to $37.6 million, driven by progress on AOC 1001. General and administrative expenses also rose to $13.5 million as the company scales operations as a public entity.