Viridian Therapeutics Announces Closing of Public Offering of Shares of Common Stock and Preferred Stock and Exercise in Full of the Underwriters' Option to Purchase Additional Shares

Rhea-AI Summary

Viridian Therapeutics, Inc. (NASDAQ: VRDN) has successfully completed an underwritten public offering, raising approximately $97.7 million. The offering included 7,344,543 shares of common stock at $11.00 each and 23,126 shares of Series B Preferred stock priced at $733.37 each, convertible into about 1,541,810 shares of common stock. Proceeds will fund the advancement of its VRDN-001 and VRDN-002 programs and preclinical developments of VRDN-004 and VRDN-005, alongside general corporate purposes. Jefferies, SVB Leerink, and Evercore ISI were the lead managers for this offering.

Positive

• Raised approximately $97.7 million to advance clinical programs.
• Funding aimed at developing VRDN-001 and VRDN-002, which target significant medical needs.
• Funding allocated for preclinical developments of VRDN-004 and VRDN-005.

Negative

• Dilution risk for existing shareholders due to the issuance of new shares.

WALTHAM, Mass., Sept. 23, 2021 (GLOBE NEWSWIRE) -- Viridian Therapeutics, Inc. (NASDAQ: VRDN), a biopharmaceutical company advancing new treatments for patients suffering from serious diseases but underserved by today's therapies, today announced the closing of an underwritten public offering of 7,344,543 shares of common stock, which includes the exercise in full by the underwriters of their option to purchase up to 1,159,089 additional shares of common stock, at a public offering price of $11.00 per share and 23,126 shares of series B preferred stock (the “Series B Preferred”) at a public offering price of $733.37 per share, which are convertible into approximately 1,541,810 shares of common stock, subject to beneficial ownership conversion limits. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Viridian, were approximately $97.7 million.

All of the shares sold in the underwritten public offering were offered by Viridian. Viridian intends to use the proceeds from the underwritten public offering of its shares to advance the development of its VRDN-001 and VRDN-002 programs and the preclinical development of its VRDN-004 and VRDN-005 programs, as well as for working capital and general corporate purposes.

Jefferies, SVB Leerink and Evercore ISI acted as joint book-running managers for the offering.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission (SEC) and became effective on April 14, 2020. A final prospectus supplement relating to and describing the terms of the offering was filed with the SEC on September 22, 2021. The securities described above have not been qualified under any state blue sky laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. The offering was made only by means of a prospectus, copies of which may be obtained at the SEC’s website at www.sec.gov, or by request to Jefferies LLC (Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, New York 10022; telephone: 877-821-7388; email: Prospectus_Department@Jefferies.com), SVB Leerink LLC (Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109; telephone: 800-808-7525, ext. 6105; email: syndicate@svbleerink.com), or Evercore Group L.L.C. (Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055; telephone: 888-474-0200; email: ecm.prospectus@evercore.com).

About Viridian Therapeutics, Inc.

Viridian Therapeutics is a biotechnology company advancing new treatments for patients suffering from serious diseases but underserved by today’s therapies. Viridian’s most advanced program, VRDN-001, is a differentiated monoclonal antibody targeting insulin-like growth factor-1 receptor (IGF-1R), a clinically and commercially validated target for the treatment of thyroid eye disease (TED), a debilitating auto-immune disease that causes inflammation and fibrosis within the orbit of the eye which can cause double vision, pain, and potential blindness. Patients with severe disease often require multiple remedial surgeries to the orbit, eye muscles and eyelids. Viridian is based in Waltham, Massachusetts.

Viridian Contacts:

Investors:
Dan Ferry
LifeSci Advisors
617-430-7576
IR@viridiantherapeutics.com

Media:
Darby Pearson
Verge Scientific Communications
703-587-0831
PR@viridiantherapeutics.com

Source: Viridian Therapeutics, Inc.

FAQ

What is the size of the recent offering by Viridian Therapeutics (VRDN)?

Viridian Therapeutics raised approximately $97.7 million through an offering of 7,344,543 shares of common stock and 23,126 shares of Series B Preferred stock.

What are the intended uses of the funds raised in the offering by VRDN?

The proceeds will be used to advance the development of VRDN-001 and VRDN-002 programs, preclinical development of VRDN-004 and VRDN-005, and for general corporate purposes.

Who managed the underwritten public offering for Viridian Therapeutics?

The offering was managed by Jefferies, SVB Leerink, and Evercore ISI.

What is the conversion rate for the Series B Preferred stock in the VRDN offering?

Each share of Series B Preferred stock is convertible into approximately 66.67 shares of common stock.