Avidity Biosciences Closes $100 Million Series C

Palo Alto – November 13, 2019 – Cooley advised Avidity Biosciences on its $100 million Series C financing round. Josh Seidenfeld led the Cooley team advising the company along with Matt Fleming, Jeremy Gentile and Darwin Ng.

Avidity is pioneering antibody-oligonucleotide conjugates (AOC) for the treatment of rare muscle disorders and other serious diseases. The company’s lead research program addresses myotonic dystrophy type I, a disease with no approved treatment options. 

“Using our AOC platform, we can unlock new potential for RNA therapeutics by efficiently targeting muscle and immune cells,” said Avidity president and CEO Sarah Boyce in a news release. “These funds will enable Avidity to advance our growing proprietary portfolio of multiple programs.”

RTW Investments led the financing round. New investors including Cormorant Asset Management, CureDuchenne, Logos Capital, Perceptive Advisors and ST Pharm also participated in the financing, as did existing investors Alethea Capital, Alexandria Venture Investments, Boxer Capital of Tavistock Group, Brace Pharma Capital, EcoR1, Partner Fund Management, Capital and Takeda Ventures. 

Eli Lilly and Company also contributed $15 million in connection with a research collaboration agreement signed with Avidity earlier this year, under which the companies are partnering to use Avidity’s technology to pursue therapeutic targets initially focused on immunology and other indications.

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