Why Are Viridian Therapeutics Shares Moving Higher On Tuesday?

Why Are Viridian Therapeutics Shares Moving Higher On Tuesday?
  • Viridian Therapeutics Inc VRDN has priced an underwritten public offering with approximately $85.0 million gross proceeds
  • Viridian will offer 6.18 million shares at $11.00 per share, and 23,126 shares of series B preferred stock at a public offering price of $733.37 per share, convertible into approximately 1.5 million shares.
  • The offer price is at a premium of around 3% on the last close price of $10.69 on Monday.
  • Underwriters have an option to purchase an additional 1.15 million shares. The offering will close by September 23.
  • Viridian will use the proceeds to develop VRDN-001 and VRDN-002 programs further and the preclinical development of its VRDN-004 and VRDN-005 programs.
  • The Company will submit IND filings for both VRDN-001 and VRDN-002 to the FDA in Q4 of 2021 
  • Initial VRDN-001 proof of concept clinical data in Thyroid Eye Disease is expected in Q2 of 2022.
  • VRDN-002 Phase 1 data in healthy volunteers is expected in mid-2022.
  • Jefferies, SVB Leerink, and Evercore ISI are acting as joint book-running managers for the offering.
  • The Company will present preclinical data on VRDN-001 and VRDN-002 at the American Thyroid Association Annual Meeting (September 30 to October 3).
  • Price Action: VRDN stock is up 17.40% at $12.55 during the premarket session on the last check Tuesday.

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