SAN
DIEGO, Jan. 8, 2025 /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 January 6, 2025, the Human Capital Management
Committee of Avidity's Board of Directors granted a non-qualified
stock option award to purchase an aggregate of 80,000 shares of its
common stock and 40,000 restricted stock units ("RSUs") to
Charles Calderaro III, under the
Avidity Biosciences, Inc. 2022 Employment Inducement Incentive
Award Plan (the "2022 Inducement Plan"), in connection with Mr.
Calderaro's hiring and appointment as Avidity's Chief Technical
Officer. The awards were granted as inducements material to Mr.
Calderaro 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 $31.42 per share, which is equal to
the closing price of Avidity's common stock on The Nasdaq Global
Market on January 6, 2025. 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.
Calderaro'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. Calderaro'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 neuromuscular diseases: myotonic dystrophy
type 1 (DM1), Duchenne muscular dystrophy (DMD) and
facioscapulohumeral muscular dystrophy (FSHD). Avidity is also
advancing two wholly-owned precision cardiology development
candidates addressing rare genetic cardiomyopathies. In addition,
Avidity is broadening the reach of AOCs with its advancing and
expanding pipeline including programs in cardiology and
immunology through 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:
Kat Lange
(619) 837-5014
investors@aviditybio.com
Media Contact:
Di
Andrews
(619) 837-5016
media@aviditybio.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/avidity-biosciences-announces-inducement-grants-under-nasdaq-listing-rule-5635c4-302345202.html
SOURCE Avidity Biosciences, Inc.
