Viridian Therapeutics Unveils New Public Offering of Common Stock
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Viridian Therapeutics Announces Significant Public Offering
Viridian Therapeutics, Inc. (NASDAQ: VRDN), a biotechnology firm dedicated to developing innovative medicines for serious and rare diseases, has made headlines today by announcing the pricing of an upsized underwritten public offering. This offering involves shares of its common stock along with shares of Series B non-voting convertible preferred stock.
Details of the Offering
The company plans to offer a total of 10,666,600 shares of common stock, priced at $18.75 each, and 20,000 Series B preferred shares at a price of $1,250.06250 per share. These preferred shares are convertible into 1,333,400 shares of common stock. Notably, Viridian has also granted underwriters a 30-day option to purchase an additional 1,800,000 shares at the public offering price, adjusted for discounts and commissions.
Anticipated Financial Impact
The gross proceeds from this anticipated offering are estimated to be approximately $225 million. This figure is before deducting any underwriting fees, commissions, and other estimated expenses that Viridian will incur. The company believes this influx of capital will strategically bolster its clinical development programs and ongoing operational needs.
Expected Closing and Use of Proceeds
The offering is anticipated to close around a date that subject to customary conditions. Pending finalization, the funds from this public offering will be used to further accelerate research and development initiatives, including ongoing clinical projects and working capital requirements.
About the Collaborative Efforts
Key financial institutions, including Jefferies, Goldman Sachs & Co. LLC, Stifel, and RBC Capital Markets, are acting as joint book-running managers for this public offering, while Wedbush PacGrow serves as a co-manager.
Viridian’s Clinical Development Efforts
Viridian is at the forefront of creating groundbreaking treatments for thyroid eye disease (TED). The company is engaged in a pivotal program for their product veligrotug, featuring two large-scale global phase 3 trials known as THRIVE and THRIVE-2. These trials aim to establish the medication’s efficacy and safety for patients suffering from both active and chronic forms of TED.
Innovative Therapy Options
Furthermore, Viridian is advancing another promising candidate, VRDN-003, which is being assessed as a potential best-in-class subcutaneous treatment for TED. This development also includes two global phase 3 clinical trials, REVEAL-1 and REVEAL-2, focusing on VRDN-003’s effectiveness and security for affected patients.
Emerging Therapeutics in Autoimmune Diseases
In tandem with its efforts in TED, Viridian is exploring a novel suite of neonatal Fc receptor (FcRn) inhibitors, specifically VRDN-006 and VRDN-008. These investigational drugs have considerable potential for application across a range of autoimmune disorders, thereby extending Viridian’s impact in the biopharmaceutical landscape.
About Viridian Therapeutics, Inc.
Viridian Therapeutics is committed to engineering and developing potentially groundbreaking medicines targeting serious and rare diseases. Leveraging their expertise in antibody discovery and protein engineering, the firm is poised to advance several differentiated therapeutic candidates against well-established drug targets across various disease areas.
Frequently Asked Questions
What is the purpose of the public offering announced by Viridian?
The public offering aims to raise capital to support clinical development programs and provide working capital for general corporate purposes.
How much gross revenue is expected from the offering?
Viridian anticipates gross proceeds of approximately $225 million from the offering, prior to deductions for underwriting fees and expenses.
Which financial institutions are involved in this offering?
Jefferies, Goldman Sachs & Co. LLC, Stifel, and RBC Capital Markets are acting as joint book-running managers for the public offering.
What therapies is Viridian currently developing?
Viridian is working on treatments for thyroid eye disease as well as exploring neonate Fc receptor inhibitors for autoimmune disorders.
Is there a closure date for the offering?
The offering is expected to close subject to customary conditions, likely around mid-September.
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