09:50 AM EDT, 08/19/2024 (MT Newswires) -- Avidity Biosciences ( RNA ) said Monday it raised $345.1 million in gross proceeds from an upsized public offering of about 8.4 million shares at $41 per share.

The offering includes the sale of 1.1 million additional shares under the underwriters' option, the company said.

Avidity said it plans to use the net proceeds, along with existing cash reserves, to fund clinical programs; research, and development for its antibody-oligonucleotide conjugates platform; and for general corporate purposes.

Shares of the company were up nearly 1% in recent Monday trading.

Price: 45.34, Change: +0.36, Percent Change: +0.80