Business
Viridian Therapeutics Reports Third Quarter 2022 Financial Results and Provides Corporate Updates
- Significant and rapid improvement in both signs and symptoms of TED at week 6 after two infusions of 20 mg/kg VRDN-001; generally consistent with 10mg/kg
About this update from Viridian Therapeutics, Inc.
[{"type":"text","content":"- Significant and rapid improvement in both signs and symptoms of TED at week 6 after two infusions of 20 mg/kg VRDN-001; generally consistent with 10mg/kg results at week 6 - - Global Phase 3 THRIVE clinical program initiated - - Ended 3Q 2022 with cash, cash equivalents, and short-term investments of $431M providing cash runway into the second half of 2025 - - Conference call today at 8:00 a.m. ET - WALTHAM, Mass., Nov. 14, 2022 (GLOBE NEWSWIRE) -- Viridian Therapeutics, Inc. (NASDAQ: VRDN), a biotechnology company advancing new treatments for patients suffering from serious diseases underserved by current therapies, today announced financial results for the third quarter ending September 30, 2022 and provided corporate updates. Earlier today in a separate news release, the Company announced topline clinical data from the first two cohorts in its ongoing Phase 1/2 clinical trial of VRDN-001, an IGF-1R antibody, in patients with thyroid eye disease (TED). “The positive VRDN-001 clinical data reported today reinforces our conviction in the potential for VRDN-001 to deliver improved care for patients suffering with TED. Across all efficacy measures, VRDN-001 continues to deliver a rapid, compelling, and clinically meaningful improvement for patients after just two infusions,” said Jonathan Violin, Ph.D., President and CEO of Viridian Therapeutics. “We have continued our rapid momentum with the recent initiation of our Phase 3 THRIVE program as we accelerate our portfolio of IV and SC TED assets towards approval.” Third Quarter 2022 Financial Results Cash Position: Cash, cash equivalents, and short-term investments were $431.3 million as of September 30, 2022, compared with $197 million as of December 31, 2021. The Company believes that its current cash, cash equivalents, and short-term investments will be sufficient to fund its operations into the second half of 2025. In August 2022, the Company offered and sold 11,352,640 shares of the Company’s common stock at a public offering price of $23.50 per share, and 28,084 shares of Series B non-voting convertible preferred stock, par value $0.01 per share, at a public offering price of $1,566.745 per share. The gross proceeds to the Company from the offering were approximately $311.0 million, before deducting underwriting discounts and commissions and other offering expenses payable b...