Avidity Biosciences Earns $100M for Precision Medicine Platform

Samara Rosenfeld
NOVEMBER 13, 2019
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Photo/Thumb have been modified. Courtesy of Sashkin - stock.adobe.com.

Treatment for myotonic dystrophy type I could soon be improved due in part to a $100 million Series C funding round announced today by biotech company Avidity Biosciences.

Myotonic dystrophy type I is a genetic disease that affects skeletal and smooth muscle characterized by muscle weakness and cardiac abnormalities. Avidity’s Antibody-Oligonucleotide Conjugates (AOCs) platform combines two technologies, monoclonal antibodies for effective delivery and oligonucleotide therapeutic for potent and selective activity.

“Using our AOC platform, we can unlock new potential for RNA therapeutics by efficiently targeting muscle and immune cells,” said Sarah Boyce, president and CEO at Avidity Biosciences.

Avidity will use the funding to advance its portfolio of programs, including its AOC treatment of myotonic dystrophy type I, to create new precision medicines to treat muscle disorders, Boyce said.

The company claimed its platform helps improve the delivery and drug-like properties of therapeutic oligonucleotides, avoids lipid-based toxicities and offers a high degree of precision.

The platform has the potential to deliver RNA-based therapeutics to create transformative treatments for diseases with high unmet need, said Roderick Wong, M.D., MBA, founder of RTW Investments, who led the funding round.

Additional participants included new investors Cormorant Asset Management, LP, CureDuchenne, Logos Capital, Perceptive Advisors and ST Pharm. Eli Lilly and Company also donated $15 million associated with a research collaboration between Lilly and Avidity which started in April 2019.

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