The latest announcement is out from Avidity Biosciences Inc (RNA).
Avidity Biosciences, Inc. has initiated a significant private placement of common stock and pre-funded warrants, aiming to raise approximately $400 million. The transaction involves over 15 million shares and around 9 million pre-funded warrants, with the closing expected on March 4, 2024. Major placement agents included Leerink Partners and BofA Securities, among others. The company plans to utilize the proceeds for the development of clinical-stage product candidates and general corporate purposes, projecting sufficient operational funding into late 2026. The deal also includes provisions for the registration of the securities for resale, subject to certain conditions, and allows purchasers to maintain a cap on their ownership percentage.
For a thorough assessment of RNA stock, go to TipRanks’ Stock Analysis page.
