Avidity Biosciences – one of Riyadh Valley Company investment portfolio companies- a preclinical biotech developing antibody therapies for muscle disorders, filed last Friday with the SEC to raise up to $100 million in an initial public offering.
The company’s pipeline contains lead candidate AOC 1001, which is designed to treat rare monogenic muscle disease myotonic dystrophy type 1. It expects to submit an IND application in 2021 and plans to initiate a Phase 1/2 clinical trial by the end of the same year.
The La Jolla, CA-based company was founded in 2012 and booked $4 million in collaboration and contract research revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol RNA. Avidity Biosciences filed confidentially on April 3, 2020. Cowen, SVB Leerink, Credit Suisse, and Wells Fargo Securities are the joint bookrunners on the deal. No pricing terms were disclosed
This success contributes in supporting the purposes of Riyadh Valley Company – the investment arm of King Saud University – to achieve the Saudi Vision 2030 according to a balanced investment strategy focused on leveraging local capabilities and investing locally and internationally in companies in early and growth stages to create financial and strategic returns that will support the future of economic development.