SAN
DIEGO, Aug. 5, 2024 /PRNewswire/ -- Avidity
Biosciences, Inc. (Nasdaq: RNA), a biopharmaceutical company
committed to delivering a new class of RNA therapeutics called
Antibody Oligonucleotide Conjugates (AOCs™), today announced that
on August 1, 2024, the Human Capital Management Committee
of Avidity's Board of Directors granted a non-qualified stock
option award to purchase an aggregate of 160,000 shares of its
common stock and 25,000 restricted stock units ("RSUs") to
John B. Moriarty, Jr., under the
Avidity Biosciences, Inc. 2022 Employment Inducement Incentive
Award Plan (the "2022 Inducement Plan"), in connection with Mr.
Moriarty's hiring and appointment as Avidity's Chief Legal Officer
and Corporate Secretary. The awards were granted as inducements
material to Mr. Moriarty entering into employment with Avidity in
accordance with Nasdaq Listing Rule 5635(c)(4).
The 2022 Inducement Plan is used exclusively for the grant of
equity awards to individuals who were not previously employees of
Avidity, or following a bona fide period of non-employment, as an
inducement material to such individuals' entering into employment
with Avidity, pursuant to Nasdaq Listing Rule 5635(c)(4).
The option has an exercise price of $44.57 per share, which is equal to the closing
price of Avidity's common stock on The Nasdaq Global Market
on August 1, 2024. The shares subject to the stock option will
vest over four years, with 25% of the shares vesting on the
one-year anniversary of the applicable vesting commencement date
and the balance of the shares vesting in a series of 36 successive
equal monthly installments thereafter, subject to Mr. Moriarty's
continued employment with Avidity on such vesting dates. The RSUs
will vest in four equal installments on the first four
anniversaries of the applicable vesting commencement date, subject
to Mr. Moriarty's continued employment with Avidity on such vesting
dates. The awards are subject to the terms and conditions of the
2022 Inducement Plan and the terms and conditions of a stock option
agreement or RSU agreement, as applicable, covering the grant.
About Avidity
Avidity Biosciences, Inc.'s mission is
to profoundly improve people's lives by delivering a new class of
RNA therapeutics - Antibody Oligonucleotide Conjugates (AOCs™).
Avidity is revolutionizing the field of RNA with its proprietary
AOCs, which are designed to combine the specificity of monoclonal
antibodies with the precision of oligonucleotide therapies to
address targets and diseases previously unreachable with existing
RNA therapies. Utilizing its proprietary AOC platform, Avidity
demonstrated the first-ever successful targeted delivery of RNA
into muscle and is leading the field with clinical development
programs for three rare muscle diseases: myotonic dystrophy type 1
(DM1), Duchenne muscular dystrophy (DMD) and facioscapulohumeral
muscular dystrophy (FSHD). Avidity is broadening the reach of AOCs
with its advancing and expanding pipeline including programs in
cardiology and immunology through internal discovery efforts and
key partnerships. Avidity is headquartered in San Diego, CA. For more information about our
AOC platform, clinical development pipeline and people, please
visit www.aviditybiosciences.com and engage with us on LinkedIn and
X.
Investor Contact:
Michael
MacLean
(619) 837-5014
investors@aviditybio.com
Media Contact:
Navjot
Rai
(619) 837-5016
media@aviditybio.com
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SOURCE Avidity Biosciences, Inc.