Avidity Biosciences, Inc. announced that it expects to receive $76.699946 million in funding from Alethea Capital Management, LLC, Alexandria Venture Investments, LLC, Takeda Ventures, Inc., CureDuchenne Ventures LLC, ST Pharm Co.,Ltd.
November 07, 2019
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Avidity Biosciences, Inc. announced private placement of 17,915,525 series C convertible preferred shares at a price of $4.2812 per share for gross proceeds of $76,699,945.63 on November 8, 2019. The preferred shares are entitled to a non-cumulative dividend of 8% of the applicable original issue price. Each preferred share is convertible into a common share, subject to certain anti-dilution adjustments. The company has signed series C preferred stock purchase agreement with the investors.
On the same date, the company issued 17,915,525 series C convertible preferred shares for proceeds of $76,699,945.63 in its first tranche. The company has paid $4,100,000 as issue expenses in first tranche.
The transaction included participation from Bjorn E. Koch, P. Kent Hawryluk, Troy Wilson, Lemoure Eliasson, James Stebbins, Franklin Berger, Thaddäus Weber, Alethea Biotech Fund LP and Alethea Fulcrum Fund, LP, funds managed by Alethea Capital Management, LLC, Alexandria Venture Investments, LLC, Takeda Ventures, Inc., Cure Duchenne Ventures LLC, ST. Pharm Co., Ltd. (KOSDAQ:A237690),
Avidity Biosciences, Inc. is a biopharmaceutical company. The Company is engaged in delivering a new class of ribonucleic acid (RNA) therapeutics called antibody oligonucleotide conjugates (AOCs). The AOCs are designed to combine the specificity of monoclonal antibodies with the precision of oligonucleotide therapies to address targets and diseases previously unreachable with existing RNA therapies. Its 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 in phase I/II development with the ongoing MARINA open label extension study (MARINA-OLE). AOC 1044 is designed for people with Duchenne muscular dystrophy and is in phase I/II development with the EXPLORE44 trial. 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 Biosciences, Inc. announced that it expects to receive $76.699946 million in funding from Alethea Capital Management, LLC, Alexandria Venture Investments, LLC, Takeda Ventures, Inc., CureDuchenne Ventures LLC, ST Pharm Co.,Ltd.