Avidity Biosciences Secures $100 Million Series C Financing to Advance Antibody-Oligonucleotide Conjugate Platform for Rare Muscle Diseases

VCBeat (WeChat ID: vcbeat) has learned that on November 13, 2019, biotechnology company Avidity Biosciences announced the completion of a $100 million Series C financing round. The round was led by RTW Investments, with participation from new investors Cormorant Asset Management, LP, CureDuchenne, Logos Capital, Perceptive Advisors, and ST Pharm, as well as existing investors represented by Alethea Capital.

In addition, Dr. Roderick T. Wong, Executive Partner at RTW Investments, will join the Board of Directors of Avidity Biosciences. SVB Leerink served as the lead financial advisor for Avidity Biosciences’ Series C financing round.

Avidity Biosciences, founded in 2013 and headquartered in California, USA, is a private biotechnology company. The company is a pioneer in the development of Antibody-Oligonucleotide Conjugates (AOCs), which combine the tissue selectivity of monoclonal antibodies with the precision of oligonucleotide-based therapies. This approach overcomes barriers to oligonucleotide delivery and targets the genetic drivers of disease, offering potential treatments for rare muscle disorders and other serious conditions.

Avidity is advancing its therapeutic programs for rare muscle diseases and other serious conditions.

Sarah Boyce, President and Chief Executive Officer of Avidity, stated, “Avidity pioneered the adoption of Antibody-Oligonucleotide Conjugate (AOC) technology, which combines two powerful modalities: monoclonal antibodies for effective delivery and oligonucleotide therapeutics for potent selective activity. Leveraging the AOC platform, we can unlock new potential for RNA therapies by effectively targeting muscle and immune cells. This funding will enable Avidity to advance our proprietary portfolio of multiple growing programs.”

Dr. Wong said, “Our investment team is excited about Avidity’s best-in-class therapy for myotonic dystrophy, its AOC platform that delivers RNA-based therapies to muscle tissue, and the potential to develop transformative treatments for diseases with unmet needs. As a board member, I look forward to supporting them in advancing their products into the clinic.”

RTW Investments, based in New York, USA, primarily invests in innovative healthcare companies.

Cormorant Asset Management, based in Boston, Massachusetts, USA, is an employee-owned hedge fund firm that provides services to pooled investment vehicles.

CureDuchenne, based in California, USA, is a non-profit organization dedicated to improving outcomes for Duchenne muscular dystrophy.

Logos Capital is a fundamental fund based in California, USA, that focuses on the biotechnology sector. It aims to combine internal data analytics with scientific and clinical expertise to drive the development of transformative therapies in healthcare.

Perceptive Advisors, based in New York, USA, is a private hedge fund firm. The company invests in public equity markets globally, with a focus on the biotechnology and life sciences sectors.

ST Pharm, established in 1983 and headquartered in Seoul, South Korea, is a family-owned company under the Dong-A Socio Group. The company is engaged in contract development and manufacturing (CDMO) projects involving research and development.

(Compiled by Jiang Ying)