IPO Lockup Expiration Alert: Avidity Biosciences (RNA)

(RTTNews) - The lockup period of Avidity Biosciences (RNA) ends Wednesday, i.e., on December 9, 2020.

Avidity Biosciences is a biopharmaceutical company developing oligonucleotide-based therapies called Antibody Oligonucleotide Conjugates (AOCs) to treat muscle dystrophy diseases.

The company's lead product candidate is AOC 1001 which is preparing to enter into first clinical study in adults with myotonic dystrophy type 1 (DM1), a rare monogenic muscle disease. Submission of IND for AOC 1001 is expected in 2021, with initiation of Phase 1/2 clinical trial in DM1 patients also expected to begin next year.

The other AOC muscle programs are in early stage of research targeting muscle atrophy, Duchenne muscular dystrophy (DMD), facioscapulohumeral muscular dystrophy (FSHD) and Pompe disease.

In September of this year, the company entered into a collaboration supporting END-DM1, a natural history study to advance the understanding of disease progression in patients with myotonic dystrophy type 1 (DM1). END-DM1 (Establishing Biomarkers and Clinical Endpoints in Myotonic Dystrophy Type 1) is a non-interventional study designed and run by the Myotonic Dystrophy Clinical Research Network.

The company also has a multi-year research collaborating with Eli Lilly & Co. for the development of AOCs directed to up to six messenger RNA (mRNA) targets initially in immunology and other select indications outside of muscles.

The company made its debut on The Nasdaq Global Select Market on June 12, 2020, offering its shares at a price of $18 each.

As mentioned above, the 180 day lockup period expires December 9, 2020.

RNA opened the first day of trading (i.e. June 12, 2020) at $26.50 and closed at $28.50 that day. The stock has thus far hit a low of $19.42 and a high of $35.63.

RNA closed Tuesday's trading at $35.12, up 4.49%.