SAN DIEGO – Avidity Biosciences, a publicly traded life science company with more than 100 employees in San Diego, has secured $345 million in fresh financing through its upsized public offering.
The San Diego-based biotechnology company went public four years ago, and successfully raised the additional capital after selling north of 8.4 million common shares at $41 apiece, the firm announced in a press statement on Aug. 19.
The raise comes on the heels of Phase 1/2 data earlier this month that showed its RNA drug candidate generated a 25 percent increase in dystrophin production. This is the second big raise for Avidity in the last two months; the company also closed a $461 million public offering in June.
President & CEO
Avidity Biosciences
“It has been a transformational year for Avidity as we achieve our vision of making a profound difference in the lives of people by revolutionizing a new class of targeted RNA therapies,” Sarah Boyce, president and CEO at Avidity Biosciences told the San Diego Business Journal.
“Avidity was the first company to demonstrate successful targeted delivery of RNA into muscle and we have repeatedly shown consistent delivery, robust target engagement and functional improvement. With three programs in clinical development for three different rare muscle diseases we have demonstrated groundbreaking data utilizing our proprietary Antibody Oligonucleotide Conjugates (AOC) platform.”
Focused on RNA Therapeutics
Founded in 2012, Avidity Biosciences specializes in targeted RNA therapeutics.
The firm’s most advanced drug candidate, del-desiran, recently showed promising results in clinical trials for myotonic DM1.
The biggest driver of the company’s success has been the “unprecedented data” that the company have reported in all three of its rare muscle disease programs in Phase 1/2 clinical trials.
It achieved significant milestones, including FDA breakthrough therapy status and positive trial results, increasing the likelihood of FDA approval.
That includes myotonic dystrophy type 1 (DM1), facioscapulohumeral muscular dystrophy (FSHD), and Duchenne muscular dystrophy (DMD).
Stock Reached All-Time Highs
The company’s valuation has soared since its successful fundraising announcement.
Most notably, Avidity’s stock was trading at $43.59, at midday Thursday, and has seen a 375% increase in stock price year-to-date.
Avidity Biosciences annual revenue hit nearly $10 million with 3.64% growth last year. The company is on track around $8 million in annual revenues this year. Wall Street analyst and optimistic retail investors are forecasting continue growth going into 2025.
“We would not be where we are today without the support, inspiration and partnership of the rare disease communities, in particular — the participants, their families, the investigators and their teams — for their support, dedication and commitment to each of our programs,” said Boyce.
Board Member
Avidity Biosciences
The executive team recognized its workforce at Avidity for their innovation, continued dedication and collaborative spirit. “We’re working together to revolutionize a new class of targeted RNA therapeutics,” said Boyce.
Looking Forward
Headquartered in Torrey Pines, it has nearly 300 employees with most of its employees based in San Diego, followed by Boston, San Francisco, and other markets.
“Being deeply rooted in the San Diego community — the vibrant biotech ecosystem, the local talent, and the spirit of collaboration and innovation — have all been pivotal to our success,” said Boyce. “As a company, we are proud to contribute to and grow with this dynamic community, as we move forward in our mission to profoundly improve people’s lives.”
The company plans to use the growth capital to further develop RNA medicines that are designed to combine the advantages of monoclonal antibodies and oligonucleotide therapies.
“By focusing on continued innovation in the RNA field, we are on the way to expanding the possibilities of RNA therapeutics and opening the door to new potential treatments for a wider range of patients in the years ahead,” said Art Levin, board member at Avidity Biosciences.
In December 2023, the firm signed a $2.3 billion global licensing and research collaboration with pharma giant Bristol Myers Squibb (BMS).
The companies are focused on the discovery, development and commercialization of new cardiovascular targets which aims solves a key challenge in the RNA therapeutic space.
Avidity Biosciences
FOUNDED: 2012
CEO: Sarah Boyce
HEADQUARTERS: Torrey Pines, San Diego
EMPLOYEES: 270
BUSINESS: Biopharma
MARKET CAP: $5.07 billion
STOCK: Nasdaq: RNA
WEBSITE: aviditybio.com
CONTACT: info@aviditybio.com
NOTABLE: The company’s stock has increased 375% this year, hitting an all-time high
