Inducement Grants to Fuel Growth at Avidity Biosciences: Nasdaq Listing Rule 5635(c)(4) Grants Announced

Avidity Biosciences, Inc. (Nasdaq: RNA) recently granted 27,400 stock options and 13,700 restricted stock units (RSUs) to three new non-executive employees as part of the Avidity Biosciences, Inc. 2022 Employment Inducement Incentive Award Plan. These awards were granted in order to attract the new non-executive employees to Avidity and are part of Nasdaq Listing Rule 5635(c)(4). Avidity is a biopharmaceutical company focused on delivering the next generation of RNA therapeutics, known as Antibody Oligonucleotide Conjugates (AOCs™).

Avidity is offering an enticing incentive to potential new employees: an equity award as part of the 2022 Inducement Plan. This plan is designed to attract and retain talented individuals who may not have previously been employed by Avidity, or who have been away from the company for a while. Per Nasdaq Listing Rule 5635(c)(4), this equity award is intended to be a significant factor in the decision to join Avidity.

Avidity recently granted stock options and restricted stock units (RSUs) to its employees, with the exercise price of $25.65 per share, the same as its closing price on the Nasdaq Global Market on February 17, 2023. The stock options will vest over four years, with 25% of the shares vesting on February 20, 2024, and the remaining vesting in 36 successive equal monthly installments, assuming the employee remains employed with Avidity. Furthermore, the RSUs will vest in four equal installments on the first four anniversaries of February 20, 2023, again contingent on the employee’s continued employment. Both awards are subject to the terms and conditions of Avidity’s 2022 Inducement Plan and respective stock option or RSU agreement.

About Avidity Biosciences

Avidity Biosciences is on a mission to revolutionize the way we treat diseases that have been previously untreatable with RNA therapeutics. Our proprietary Antibody Oligonucleotide Conjugates (AOCs™) combine the power of monoclonal antibodies with the precision of oligonucleotide therapies to target the root cause of these diseases. Our expanding pipeline has three clinical programs, including AOC 1001 for the treatment of myotonic dystrophy type 1 (DM1), AOC 1020 for facioscapulohumeral muscular dystrophy (FSHD) and AOC 1044 for Duchenne muscular dystrophy (DMD) mutations amenable to exon 44 skipping. We are based in San Diego, CA and are working hard to broaden the reach of AOCs beyond muscle tissues and bring this revolutionary new treatment to those who need it most.

Leave a Comment