03:40 AM EDT, 08/15/2024 (MT Newswires) -- Avidity Biosciences ( RNA ) said late Wednesday it has priced an underwritten public offering of about 7.3 million common shares at $41 per share for expected gross proceeds of about $300.1 million.

Underwriters have been granted a 30-day option to purchase up to about 1.1 million additional shares.

Net proceeds will be used to fund the development of the company's clinical programs, research and development, as well as for working capital and general corporate purposes, the company said.

The offering, which has been upsized from $250 million, is expected to close around Friday, subject to customary closing conditions.

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