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Headlines
- Avidity Biosciences announced stock option and RSU grants to John B. Moriarty, Jr. as part of his hiring package.
- The awards were granted under the 2022 Employment Inducement Incentive Award Plan in compliance with Nasdaq Listing Rule 5635(c)(4).
- These equity awards are designed to support Mr. Moriarty's long-term commitment to the company.
Avidity Biosciences, Inc. (NASDAQ:RNA), a company dedicated to developing RNA therapeutics called Antibody Oligonucleotide Conjugates (AOCs™), announced on August 1, 2024, that its Human Capital Management Committee granted stock options and restricted stock units (RSUs) to John B. Moriarty, Jr. This was done in connection with Mr. Moriarty's appointment as the company's Chief Legal Officer and Corporate Secretary.
The stock option award allows Mr. Moriarty to purchase 160,000 shares of Avidity's common stock, while the RSUs encompass 25,000 shares. These grants are part of the Avidity Biosciences, Inc. 2022 Employment Inducement Incentive Award Plan and are intended to support Mr. Moriarty's transition into his new role.
In accordance with Nasdaq Listing Rule 5635(c)(4), the 2022 Inducement Plan is used solely for equity awards to new employees or those rejoining the company after a significant period of non-employment. This ensures the inducement is material to their employment decision.
The stock option has an exercise price of $44.57 per share, matching the closing price of Avidity's common stock on the Nasdaq Global Market as of August 1, 2024. The option vests over four years: 25% after the first year, and the remainder in 36 equal monthly installments, contingent on Mr. Moriarty's continued employment. The RSUs will also vest in four equal annual installments, starting on the first anniversary of the grant date, subject to the same employment conditions.
Avidity Biosciences is focused on significantly improving lives through its AOC platform, which merges the targeting ability of monoclonal antibodies with the precision of oligonucleotide therapies. The company has shown the first successful targeted delivery of RNA into muscle tissue and is advancing treatments for rare muscle diseases such as myotonic dystrophy type 1 (DM1), Duchenne muscular dystrophy (DMD), and facioscapulohumeral muscular dystrophy (FSHD). Beyond muscle diseases, Avidity is expanding its pipeline to include programs in cardiology and immunology.
