SAN DIEGO - Avidity Biosciences, Inc. (NASDAQ:RNA), a biopharmaceutical company specializing in RNA therapeutics, has announced the addition of Simona Skerjanec to its board of directors. Ms. Skerjanec, who holds an M.Pharm and an MBA, possesses nearly 30 years of experience in the pharmaceutical industry, with a focus on the development and launch of therapies across various markets.
According to Avidity's president and CEO, Sarah Boyce, Skerjanec's "global leadership experience and expertise in product commercialization" will be crucial as the company seeks to enhance its global presence and advance its clinical programs. Skerjanec's background in neurology, cardiology, and rare diseases is expected to be beneficial for Avidity's clinical programs targeting neuromuscular diseases and the expansion of its AOC platform into new therapeutic areas.
Skerjanec's career includes significant roles at Roche, where she was the Senior Vice President and Global Neuroscience Head, managing the company's neurological and rare disease portfolio. Her tenure at Roche saw the launch of treatments such as Ocrevus® for multiple sclerosis and a novel therapy for Alzheimer's disease. She has also held leadership positions at The Medicines Company, Eli Lilly (NYSE:LLY), Pfizer (NYSE:PFE), and Johnson & Johnson.
In her statement, Skerjanec expressed enthusiasm about joining Avidity's board and contributing to the company's mission to develop RNA therapeutics that can improve patient outcomes globally.
Avidity aims to revolutionize RNA therapy with its proprietary Antibody Oligonucleotide Conjugates (AOCs™), which have shown promise in targeting diseases that have been inaccessible with existing RNA therapies. The company is advancing clinical development programs for rare muscle diseases, including myotonic dystrophy type 1 (DM1), Duchenne muscular dystrophy (DMD), and facioscapulohumeral muscular dystrophy (FSHD). Avidity is also working on expanding its AOC platform to cover cardiology and immunology through internal research and strategic partnerships.
This press release includes forward-looking statements regarding the company's plans and the potential of its product candidates. However, these statements are subject to the risks and uncertainties inherent in the pharmaceutical industry's research and development processes.
The information in this article is based on a press release statement from Avidity Biosciences.
InvestingPro Insights
As Avidity Biosciences (NASDAQ:RNA) welcomes Simona Skerjanec to its board of directors, the company's financial health and market performance remain critical for stakeholders. According to InvestingPro, Avidity holds more cash than debt on its balance sheet, which suggests a strong financial position to support its ambitious clinical programs. Furthermore, the company's significant return over the last week, with a 10.94% increase, indicates a positive reception in the market possibly related to the latest board appointment and ongoing development projects.
InvestingPro Data shows that Avidity has a market capitalization of $2.76 billion and has experienced a robust revenue growth of 58.67% in Q1 2023. However, it's important to note that the company is trading at a high revenue valuation multiple, which could be reflective of investor optimism about the company's future prospects. Investors should be aware that despite the substantial price appreciation over the last six months, with a 364.04% increase, Avidity is not expected to be profitable this year, as indicated by a negative adjusted P/E ratio of -12.09 for the last twelve months as of Q1 2023.
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