Avidity Biosciences, Inc. Announces Proposed Public Offering of Common Stock

Avidity Biosciences, Inc. Announces Proposed Public Offering of Common Stock

SAN DIEGO, December 15, 2022 /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 it intends to offer and sell, subject to market and other conditions, $150 million of

shares of its common stock in an underwritten public offering. In addition, Avidity intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered

in the public offering. All of the shares to be sold in the offering are to be sold by Avidity. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Avidity intends to use the net proceeds from this offering, 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.

Cowen, Evercore ISI and Wells Fargo Securities are acting as joint bookrunning managers for the offering. Needham & Company and Raymond James are

acting as co-lead managers for the offering.

The securities described above are being offered by Avidity pursuant

to a shelf registration statement that became automatically effective upon filing with the Securities and Exchange Commission (SEC). A preliminary prospectus supplement and accompanying prospectus relating to this offering will be filed with the

SEC. When available, copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering may be obtained from: Cowen and Company, LLC c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY

11717, Attn: Prospectus Department, by email at PostSaleManualRequests@broadridge.com or by telephone at (833) 297-2926; from Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th

Floor, New York, New York 10055, by telephone at (888) 474-0200, or by email at ecm.prospectus@evercore.com; from Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 500 West 33rd

Street, New York, NY 10001, or by telephone at (833) 690-2713, or by email at cmclientsupport@wellsfargo.com. Electronic copies of the preliminary prospectus supplement and accompanying prospectus will

also be available on the website of the SEC at http://www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall

there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

Avidity Biosciences, Inc. s mission

is to profoundly improve people s lives by delivering a new class of RNA therapeutics Antibody Oligonucleotide Conjugates (AOCsTM). Avidity s proprietary AOCs are designed to

combine the specificity of monoclonal antibodies with the precision of oligonucleotide therapies to target the root cause of diseases previously untreatable with RNA therapeutics. Avidity s advancing and expanding pipeline has three programs in

clinical development. AOC 1001 is designed to treat people with myotonic dystrophy type 1 (DM1) and is currently in Phase 1/2 development with the ongoing MARINA and MARINA-OLE trials. AOC 1020 is designed to treat people living with facioscapulohumeral muscular dystrophy (FSHD) and is currently in Phase 1/2 development

with the FORTITUDE trial. AOC 1044 is designed for people with Duchenne muscular dystrophy (DMD) mutations amenable to exon 44 skipping and is currently in Phase 1/2 development with the

EXPLORE44 trial. AOC 1044 is the first of multiple AOCs the company is developing for DMD. Avidity is also broadening the reach of AOCs beyond muscle tissues through both internal discovery

efforts and key partnerships as the company continues to deliver on the RNA revolution. Avidity is headquartered in San Diego, CA.

Avidity cautions readers that statements contained in this press release regarding matters that are not historical facts are

forward-looking statements. These statements are based on the company s current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding Avidity s expectations of the completion,

timing and size of the proposed public offering and the anticipated use of proceeds therefrom. The inclusion of forward-looking statements should not be regarded as a representation by Avidity that any of its plans will be achieved. Actual results

may differ from those set forth in this press release due to the risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the proposed public offering, as well as risks and

uncertainties inherent in Avidity s business described in prior press releases and in filings with the Securities and Exchange Commission (SEC), including under the heading Risk Factors in Avidity s most recent quarterly report

on Form 10-Q and any subsequent filings with the SEC. Avidity cautions readers

not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and

Avidity undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made

under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.