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Avidity Biosciences dips 5% on $150M public offering

  • Avidity Biosciences (NASDAQ:RNAintends to offer and sell $150M of shares of its common stock in an underwritten public offering.

  • Underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering.

  • The company intends to use the net proceeds, together with its existing cash, cash equivalents and marketable securities: to fund the research and development of its development programs, to continue development work associated with advancing its AOC platform and for working capital and general corporate purposes.

  • Stock down 4.7% pre-market.

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