Avidity Biosciences Announces Addition to the Nasdaq Biotechnology Index
Avidity Biosciences (Nasdaq: RNA) has been added to the Nasdaq Biotechnology Index effective December 21, 2020. This index tracks biotechnology and pharmaceutical securities listed on the NASDAQ Stock Market. Avidity focuses on developing a new class of therapies called Antibody Oligonucleotide Conjugates (AOCs) to treat serious diseases. Their lead candidate, AOC 1001, targets myotonic dystrophy type 1. The company is headquartered in La Jolla, California, and aims to overcome the limitations of traditional oligonucleotide therapies.
- Inclusion in the Nasdaq Biotechnology Index enhances visibility and credibility for Avidity Biosciences.
- The company's proprietary AOC platform could provide innovative therapies for previously undruggable diseases.
- Avidity's lead product candidate, AOC 1001, targets myotonic dystrophy type 1, expanding its therapeutic pipeline.
- All development programs are currently in the preclinical or discovery stage, posing a risk to future commercialization.
- Potential delays in clinical trials and reliance on third parties for testing and manufacturing may hinder progress.
- The unproven nature of the AOC platform creates uncertainty regarding the commercial viability of future products.
LA JOLLA, Calif., Dec. 21, 2020 /PRNewswire/ -- Avidity Biosciences, Inc. (Nasdaq: RNA), a biopharmaceutical company pioneering a new class of oligonucleotide-based therapies called Antibody Oligonucleotide Conjugates (AOCs™), today announced that it has been added to the Nasdaq Biotechnology Index (Nasdaq: NBI), which became effective prior to market open on Monday, December 21, 2020.
The NASDAQ Biotechnology Index is designed to track the performance of a set of securities listed on the NASDAQ Stock Market® (NASDAQ®) that are classified as either biotechnology or pharmaceutical according to the Industry Classification Benchmark (ICB). The NASDAQ Biotechnology Index is re-ranked annually and all securities in the index are listed on the NASDAQ Global Market or the NASDAQ Global Select Market and meet minimum market value and share volume requirements among other criteria. The NASDAQ Biotechnology Index is the basis for the iShares NASDAQ Biotechnology IndexSM Fund. In addition, options based on the iShares NASDAQ Biotechnology Index Fund trade on various exchanges. For more information about the NASDAQ Biotechnology Index visit https://indexes.nasdaqomx.com/Index/Overview/NBI.
About Avidity Biosciences
Avidity Biosciences, Inc. is pioneering a new class of oligonucleotide-based therapies called AOCs designed to overcome the current limitations of oligonucleotide therapies in order to treat a wide range of serious diseases. Avidity utilizes its proprietary AOC platform to design, engineer and develop therapeutics that combine the tissue selectivity of monoclonal antibodies and the precision of oligonucleotide therapies in order to access previously undruggable tissue and cell types and more effectively target underlying genetic drivers of diseases. Avidity's lead product candidate, AOC 1001, is designed to treat myotonic dystrophy type 1, and its other muscle programs are focused on the treatment of muscle atrophy, Duchenne muscular dystrophy, facioscapulohumeral muscular dystrophy and Pompe disease. In addition to its muscle franchise, Avidity has research efforts focused on immune and other cell types.
Avidity is headquartered in La Jolla, CA. For more information about Avidity's science, pipeline and people, please visit www.aviditybiosciences.com and engage with Avidity on LinkedIn.
Forward-Looking Statements
Avidity cautions readers that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on our current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding: the potential to develop a meaningful pipeline of novel AOC therapeutics; and the broad potential of AOCs to treat serious diseases. The inclusion of forward-looking statements should not be regarded as a representation by Avidity that any of our plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in our business, including, without limitation: we are early in our development efforts and all of our development programs are in the preclinical or discovery stage; our approach to the discovery and development of product candidates based on our AOC platform is unproven, and we do not know whether we will be able to develop any products of commercial value; potential delays in the commencement, enrollment and completion of clinical trials; disruption to our operations from the COVID-19 pandemic; the success of our preclinical studies and clinical trials for our product candidates; the results of preclinical studies and early clinical trials are not necessarily predictive of future results; our dependence on third parties in connection with preclinical testing and product manufacturing; unexpected adverse side effects or inadequate efficacy of our product candidates that may limit their development, regulatory approval and/or commercialization, or may result in recalls or product liability claims; regulatory developments in the United States and foreign countries, including acceptance of INDs and similar foreign regulatory filings and our proposed design of future clinical trials; risks related to integration of new management personnel; and other risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC). Avidity cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Contacts:
Company:
Mike MacLean
(858) 401-7900
mikemaclean@aviditybio.com
Media and Investors:
Amy Conrad
Juniper Point
(858) 366-3243
amy@juniper-point.com
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SOURCE Avidity Biosciences, Inc.
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