04:19 PM EDT, 08/13/2024 (MT Newswires) -- Avidity Biosciences ( RNA ) said late Tuesday it plans to sell $250 million of common shares in an underwritten public offering.

Underwriters in the offering will get a 30-day option to buy up to an additional $37.5 million shares, the company said.

Avidity said it plans to use net proceeds from the offering, along with existing cash, cash equivalents and marketable securities, to fund its clinical programs, advance research and development of its antibody oligonucleotide conjugates platform, and for working capital and general corporate purposes.

Shares of the company were down nearly 3% in recent after-hours activity.

Price: 43.70, Change: -1.29, Percent Change: -2.87