Viridian Therapeutics Announces Pricing of Public Offering of Shares of Common Stock and Preferred Stock

Rhea-AI Summary

Viridian Therapeutics (NASDAQ: VRDN) has priced an underwritten public offering for gross proceeds of approximately $85.0 million. The offering consists of 6,185,454 shares of common stock priced at $11.00 per share and 23,126 shares of series B preferred stock at $733.37 per share, convertible into approximately 1,541,810 shares of common stock. Proceeds will be used for the development of VRDN-001, VRDN-002, VRDN-004, and VRDN-005 programs, as well as general corporate purposes. The offering is expected to close on or about September 23, 2021.

Positive

• The public offering is expected to raise approximately $85.0 million.
• Proceeds will fund the development of key therapeutics, including VRDN-001 and VRDN-002.

Negative

• The share offering may lead to dilution for existing shareholders.

WALTHAM, Mass., Sept. 21, 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 pricing of an underwritten public offering with gross proceeds of approximately $85.0 million. Viridian is selling a total of 6,185,454 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. In addition, Viridian has granted the underwriters a 30-day option to purchase an additional 1,159,089 shares of common stock at the public offering price less underwriting discounts and commissions.

All of the shares to be sold in the underwritten public offering are being offered by Viridian. The offering is expected to close on or about September 23, 2021, subject to customary closing conditions.

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 are acting 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 will be filed with the SEC. 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 can be 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.

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of words such as, but not limited to, "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or other similar terms or expressions that concern our expectations, plans and intentions. Forward-looking statements include, without limitation, statements regarding the proposed underwritten public offering and the Company’s expectations with respect to the use of the net proceeds from the proposed underwritten public offering. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations and assumptions. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. Such forward-looking statements are subject to a number of material risks and uncertainties including but not limited to: the satisfaction of customary closing conditions related to the proposed underwritten public offering; and other risks and uncertainties identified in our filings with the SEC, including those risks set forth under the caption “Risk Factors” in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on August 12, 2021 and other subsequent disclosure documents filed with the SEC. Any forward-looking statement speaks only as of the date on which it was made. Neither we, nor our affiliates, advisors or representatives, undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.

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 pricing of the Viridian Therapeutics public offering?

Viridian Therapeutics priced its public offering at $11.00 per share for common stock and $733.37 per share for series B preferred stock.

How much money is Viridian Therapeutics expecting to raise from its public offering?

Viridian Therapeutics anticipates raising approximately $85.0 million from the public offering.

What will the proceeds from the offering be used for?

The proceeds will support the development of VRDN-001, VRDN-002, VRDN-004, and VRDN-005 programs, along with general corporate purposes.

When is the expected closing date for the public offering?

The public offering is expected to close on or about September 23, 2021.

What is the stock symbol for Viridian Therapeutics?

The stock symbol for Viridian Therapeutics is VRDN.