Avidity Biosciences, Inc. announced that it has entered into a a securities purchase agreement with the purchasers to issue 15,224,773 shares company?s common stock, par value $0.0001 per share at a price of $16.50 per share for gross proceeds of $251,208,754.5 and pre-funded warrants to purchase an aggregate of 9,030,851 shares of common stock at a purchase price of $16.4990 per Pre-Funded Warrant for gross proceeds of $149,000,010.649; for aggregate total gross proceeds of approximately $400,208,765.149 on February 28, 2024. The Private Placement is expected to close on March 4, 2024, subject to customary closing conditions. Each Pre-Funded Warrant will have an exercise price of $0.001 per Warrant Share, will be immediately exercisable on the date of issuance and will not expire.

The Private Placement is exempt from the registration requirements of the Securities Act pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D of the Securities Act and in reliance on similar exemptions under applicable state laws.