04:27 PM EDT, 06/12/2024 (MT Newswires) -- Avidity Biosciences ( RNA ) said Wednesday it intends to offer $300 million common shares in an underwritten public offering.

The biopharmaceutical company intends to grant the underwriters a 30-day option to buy up to an additional $45 million shares.

The company said it plans to use the net proceeds of the offering, along with its current cash reserves and marketable securities, to advance clinical programs and research and development efforts, and for working capital and general corporate purposes.

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