Avidity Biosciences, Inc. announced private placement of 17,915,525 series C convertible preferred shares at a price of $4.2812 per share for gross proceeds of $76,699,945.63 on November 8, 2019. The preferred shares are entitled to a non-cumulative dividend of 8% of the applicable original issue price. Each preferred share is convertible into a common share, subject to certain anti-dilution adjustments. The company has signed series C preferred stock purchase agreement with the investors.

On the same date, the company issued 17,915,525 series C convertible preferred shares for proceeds of $76,699,945.63 in its first tranche. The company has paid $4,100,000 as issue expenses in first tranche.

The transaction included participation from Bjorn E. Koch, P. Kent Hawryluk, Troy Wilson, Lemoure Eliasson, James Stebbins, Franklin Berger, Thaddäus Weber, Alethea Biotech Fund LP and Alethea Fulcrum Fund, LP, funds managed by Alethea Capital Management, LLC, Alexandria Venture Investments, LLC, Takeda Ventures, Inc., Cure Duchenne Ventures LLC, ST. Pharm Co., Ltd. (KOSDAQ:A237690),