Business
Viridian Therapeutics Reports Third Quarter 2023 Financial Results and Provides Corporate Update
- THRIVE and THRIVE-2 clinical trials are continuing to enroll active and chronic thyroid eye disease (TED) patients; expected delivery of topline clinical
About this update from Viridian Therapeutics, Inc.
[{"type":"text","content":"\n- THRIVE and THRIVE-2 clinical trials are continuing to enroll active and chronic thyroid eye disease (TED) patients; expected delivery of topline clinical results for both clinical trials on track for 2024 -\n\n\n- Timing for the selection of lead subcutaneous TED program is on track for the end of 2023 -\n\n\n- Advancing recently announced novel preclinical portfolio of potentially best-in-class neonatal Fc receptor (FcRn) inhibitors with the broad potential to treat autoimmune diseases -\n\n\n- Announced the appointment of Stephen Mahoney as President and Chief Executive Officer -\n\n\n- Closed a private placement of approximately $185 million with new and existing investors to fund pipeline development and extend operating cash runway into 2026 -\n\n\n WALTHAM, Mass.--(BUSINESS WIRE)--\nViridian Therapeutics, Inc. (NASDAQ: VRDN), a biotechnology company focused on discovering and developing potential best-in-class medicines for serious and rare diseases, today announced financial results and provided a corporate update for the third quarter ended September 30, 2023.\n\n\n“We are focused on driving execution of our potentially best-in-class anti-IGF-1R therapies to reach meaningful clinical readouts in our intravenous and subcutaneous TED franchise,” said Steve Mahoney, President and CEO of Viridian Therapeutics. “We recently reiterated our expectations for our timelines and unveiled our novel anti-FcRn portfolio for autoimmune diseases with our first investigational new drug (IND) submission for this program planned by year end 2024. Finally, our recent closing of a private placement for approximately $185 million enables our allocation of capital to the most value-creating results for patients and shareholders.”\n\n\nProgram Highlights\n\n\nThyroid eye disease (TED)\n\n\nIntravenous TED Program: VRDN-001\n\n\nViridian’s lead product candidate, VRDN-001, is a monoclonal antibody that acts as a full antagonist of insulin-like growth factor-1 receptor (IGF-1R), a clinically and commercially validated target for TED that has a current US annual market opportunity of approximately $2 billion. Intravenous VRDN-001 is being evaluated in two Phase 3 clinical trials, THRIVE and THRIVE-2, for the treatment of active and chronic TED, respectively.\n\n\n\nThe ongoing THRIVE Phase 3 clinical trial of VRDN-001 in patients with active T...