Viridian Raises $150 Million to Advance Treatments for Rare Eye Disease
January 18, 2024
Rare Daily Staff
Viridian Therapeutics, a company focused on discovering and developing potential best-in-class medicines for serious and rare diseases, priced an underwritten public offering for gross proceeds of $150 million.
Viridian is selling a total of 7.1 million shares of common stock at a public offering price of $21 per share. In addition, Viridian has granted the underwriters a 30-day option to purchase an additional 1.1 million shares of common stock at the public offering price, less underwriting discounts, and commissions.
Viridian is advancing multiple candidates in the clinic for the treatment of patients with thyroid eye disease (TED), a rare autoimmune, inflammatory condition in which the body’s immune system attacks the tissues around and behind the eyes. TED commonly occurs when a person’s thyroid gland is overactive. However, there are rare cases in which TED occurs in people who have normal or underactive thyroids. Approximately 85 percent of people with TED also have Graves’ disease, which is a different autoimmune condition also caused by an overactive thyroid.
The company is conducting two global phase 3 clinical trials (THRIVE and THRIVE-2) to evaluate the safety and efficacy of VRDN-001 in patients with active and chronic TED. Viridian’s goal is to advance VRDN-001 as a best-in-class IV therapy followed by VRDN-003 as a first- and best-in-class subcutaneous therapy for the treatment of TED.
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