Viridian Therapeutics Prices Upsized Public Offering of Common and Preferred Stock

Viridian Therapeutics, Inc., a biotechnology firm focused on developing innovative treatments for serious and rare diseases, has announced the pricing of a new public offering. The company plans to sell 10,666,600 shares of common stock at $18.75 per share. Additionally, it will offer 20,000 shares of Series B non-voting convertible preferred stock at $1,250.06250 per share. These preferred shares can be converted into 1,333,400 shares of common stock, subject to ownership limits.

Viridian has also provided underwriters a 30-day option to purchase an extra 1,800,000 shares of common stock at the set public offering price, minus underwriting discounts and commissions. The total gross proceeds from this offering are anticipated to be around $225.0 million. This figure is before any deductions for underwriting discounts, commissions, and other estimated offering expenses, and assumes the underwriters do not exercise their option to buy additional shares.

The entire offering is being made by Viridian and is expected to close around September 13, 2024, pending standard closing conditions. The proceeds from this sale, along with the company’s existing cash and investments, will be utilized to advance Viridian’s clinical development programs. Additional funds will be allocated for working capital and general corporate purposes.

The joint book-running managers for this offering are Jefferies, Goldman Sachs & Co. LLC, Stifel, and RBC Capital Markets, while Wedbush PacGrow will act as co-manager.

A registered statement concerning these securities has been filed and became effective with the SEC on September 9, 2022. A final prospectus supplement and accompanying base prospectus describing the terms of this offering will be filed with the SEC shortly. The securities mentioned are not yet qualified under any state blue sky laws, making this press release neither an offer to sell nor a solicitation to buy these securities.

Viridian Therapeutics specializes in creating top-tier medicines for patients suffering from serious and rare diseases. The company leverages its expertise in antibody discovery and protein engineering to develop unique therapeutic candidates targeting well-established drug areas.

Currently, Viridian is advancing several candidates for treating thyroid eye disease (TED), a condition for which the company is conducting pivotal global phase 3 clinical trials named THRIVE and THRIVE-2 to assess the efficacy and safety of veligrotug. Additionally, Viridian is developing VRDN-003, a potential best-in-class subcutaneous treatment for TED. This candidate is also undergoing global phase 3 clinical trials, specifically REVEAL-1 and REVEAL-2, to evaluate its effectiveness and safety.

Aside from its TED-focused initiatives, the company is also progressing a novel portfolio of neonatal Fc receptor (FcRn) inhibitors, including VRDN-006 and VRDN-008. These inhibitors have potential applications in treating various autoimmune diseases.