Viridian Therapeutics Unveils New Public Offering of Common Stock
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.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.
Related Articles
- Comparing Nvidia and Palantir: Which AI Stock Wins?
- Arch Biopartners Launches $450,000 Private Placement Offering
- Ray Zielke Takes the Helm as New CEO of Destroy Drive
- Cytracom Expands Operations with New Headquarters in Texas
- Chobani Seeks to Strengthen Growth with $650 Million Notes Offering
- America Movil Sees Significant Growth in Q3 Profitability
- Li-Cycle Holdings Corp. Names New Auditor Amid Financial Review
- Envirotech Vehicles Seeks New Direction After Executive Exit
- authID Inc. Distributes Inducement Options to New Staff Members
- Eminent Gold Corp. Closes Tranche of Private Placement Raising $2.43M
Recent Articles
- Investigation on Evans Bancorp Sale: Insights and Implications
- Argentina's President Outsmarts Opposition in Pension Battle
- Ampace Energizes RE+ 2024 with Innovative Energy Storage Solutions
- Key Insights from Bank of Korea on Growth and Rate Adjustments
- Couche-Tard Contemplates Higher Bid for Seven & I Holdings
- Kedrion Biopharma: Championing Innovations for Rare Diseases
- Key Contenders for Leadership of Japan's Ruling Party
- Couche-Tard Explores Enhanced Bid for Seven & i Holdings
- Exploring Nvidia's Impact on Tech Investment and Growth
- Legal Action Alert: XPEL, Inc. Faces Securities Fraud Claims
- Investors' Alert: Lifecore Biomedical Facing Legal Actions
- Heritage Hall Celebrates Seven Awards as Best Museum Honoree
- Asian Stock Markets Rally Led by Technology and Japan's Resilience
- Cabot Properties Expands Footprint with New Logistics Facility
- Hanwha Aerospace Innovates with First Immersion Cooling ESS
- Impact of Mexico's Judicial Reform on Sovereign Credit Rating
- Understanding Cryptocurrency Movements Amid Economic Shifts
- Asian Markets Rally as Wall Street Influences Dollar Movement
- Philadelphia Jury Supports Bayer in Roundup Liability Case
- Projected Growth in Custom T-shirt Printing Market by 2033
- COSRX Launches The 6 Peptide Skin Booster Serum Nationwide
- Exploring Zilliqa's Jasper Proto-Testnet Launch for 2.0
- NTT TechnoCross Wins Prestigious Innovation Award for PAM
- Monsanto Achieves Legal Victory in Recent Roundup Trial
- NMG Holding Company and Neiman Marcus Conclude Exchange Offer
- Bank of Japan's Tamura Advocates for Higher Interest Rates
- 99 Acquisition Group, Inc. Announces Liquidation Plans Ahead
- Stellantis Faces Dealer Discontent Amid Sales Growth
- Syra Health Secures $2.1 Million Through Public Stock Offering
- Resecurity Unveils New Identity Protection Technology for Businesses
- Leadership Transition at Nine Entertainment Signals Changes Ahead
- SIMPPLE Australia Triumphs at ISSA Awards for Innovation
- HD Hyundai: Pioneering Sustainable Ship Technologies at Gastech
- Dollar Holds Steady as U.S. Inflation Influences Fed Rates
- Enhancing Domestic Investments: South Korea's Pension Funds
- Market Movements: Nvidia and Economic Indicators Impact Stocks
- BioVaxys Completes Latest Private Placement Tranche Successfully
- Theme Park Market Growth: A Thrilling Future Awaits
- Viper Energy's Strategy to Expand Class A Common Stock Offering
- Maxim Power Corporation Secures TSX Approval for Buyback Plan
- Investors Invited to Join Lions Gate Entertainment Class Action
- Nvidia Stock Surges: What's Fueling the Momentum?
- BioVaxys Completes Successful Third Tranche Funding Round
- Mexico's Commercial Vehicle Market Anticipates Record Sales in 2024
- Investors Urged to Note Key Deadline for ZoomInfo Class Action
- Investigation Launched into Sage Therapeutics' Recent Drug Trials
- Vencanna Ventures Inc. Shares Progress on Financial Reports
- Innovent's Mazdutide Outperforms Dulaglutide in Diabetes Trial
- Nvidia's Strong AI Demand Fuels Stock Surge Amid Tech Rally
- B2Gold Enhances Operations and Collaborates with Mali Government