On August 19, 2024, Avidity Biosciences, Inc., a biopharmaceutical company committed to delivering a new class of RNA therapeutics called Antibody Oligonucleotide Conjugates (AOCs™), announced that it has closed its previously announced underwritten public offering of 8,418,000 shares of its common stock, including 1,098,000 shares sold pursuant to the underwriters' full exercise of their option to purchase additional shares, at a price to the public of $41.00 per share. The gross proceeds to Avidity from the offering, before deducting the underwriting discounts and commissions and other offering expenses, were approximately $345.1 million. Wilson Sonsini Goodrich & Rosati is patent counsel to Avidity and represented the company in IP matters related to this transaction.

Avidity intends to use the net proceeds from this offering, together with its existing cash, cash equivalents, and marketable securities, to fund the development of its clinical programs, to advance research and development associated with its AOC platform, and for working capital and general corporate purposes.

The Wilson Sonsini team that advised Avidity on IP matters related to the transaction was led by Minyoung Shin and included Mike Hostetler, Uale Taotafa, Hee Min Noh, Jen Zeng, and Cassidy Evaristo.

For more information, please see Avidity’s news release.