Viridian raising $85M on new shares
By: Colorado BioScience Association Date: 09/23/2021
Viridian Therapeutics Inc. (Nasdaq: VRDN) is selling 6.2 million common shares at $11 apiece and about 23,000 shares of series B preferred stock at $733.37 to raise $85 million to continue its development of two drugs and begin preclinical work on two others.
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The preferred shares can each be converted into 66.67 common shares, an SEC filing said, or about 1.5 million in total. Prior to the offering, the company had about 9.6 million common shares outstanding.
Viridian closed Monday at $10.69, down 8% to a $102.5 million market cap. It jumped 22% pre-market Tuesday and finished 18% higher. The offering is expected to close Thursday.
The biopharma focuses on orphan drugs — those for illnesses with few if any approved drug treatments. First in line is one targeting thyroid eye disease, a malady that can lead to blindness and currently can require multiple surgeries to address.
Second-quarter losses nearly tripled to $18 million, the company said in August. Research and development costs were three-fourths of the growth in red ink.
Viridian is based in Waltham, Massachusetts, with a significant presence in Boulder.
Find out more in the BizWest article.