Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Viridian Therapeutics, Inc. (NASDAQ: VRDN), a biopharmaceutical company, has seen its shares rally premarket after announcing the pricing of its underwritten public offering.
Viridian is selling approximately 6.2 million shares at a public offering price of $11.00 per share and 23,126 shares of series B preferred stock for $733.37 per share, which are convertible into approximately 1.5 million shares of common stock.
The company has also granted the underwriters a 30-day option to purchase an additional 1.6 million shares of common stock at the public offering price. Jefferies, SVB Leerink and Evercore ISI are acting as joint book-running managers for the offering.
Viridian expects to raise around $85 million.
The firm intends to use the proceeds to advance its VRDN-001 and VRDN-002 programs and the preclinical development of its VRDN-004 and VRDN-005 programs as well as working capital and general corporate purposes.
Viridian shares are up 29.28% premarket at $13.82.
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