miRagen Therapeutics, Inc. Announces Acquisition of Viridian Therapeutics, Inc.
Acquisition includes clinical stage anti-IGF-1R monoclonal antibody, VRDN-001, intended for the treatment of thyroid eye
Company plans to use private placement financing proceeds of $91 million to advance multiple compounds through phase 2 proof of concept studies in TED and to expand its orphan disease pipeline
Conference Call and Webcast today at 9:00 a.m. EDT
BOULDER, Colo. and WALTHAM, Mass., Oct. 28, 2020 (GLOBE NEWSWIRE) -- miRagen Therapeutics, Inc. (“miRagen”) (NASDAQ: MGEN) today announced it has completed the acquisition of Viridian Therapeutics, Inc. (“Viridian”), a privately held biotechnology company focused on advancing new treatments for patients with diseases that are underserved by today’s therapies. Concurrent with the acquisition of Viridian, miRagen entered into a definitive agreement for the sale of Series A non-voting convertible preferred stock (the “Series A preferred stock”) in a private placement to a group of institutional accredited investors led by Fairmount Funds Management LLC (“Fairmount Funds”), with participation from Venrock Healthcare Capital Partners, BVF Partners L.P., Cormorant Asset Management, Perceptive Advisors, Wellington Management, Ally Bridge Group, Logos Capital, Surveyor Capital (a Citadel company), Commodore Capital, and Ridgeback Capital, as well as additional undisclosed institutional investors. The private placement is expected to result in gross proceeds to miRagen of approximately $91 million before deducting placement agent and other offering expenses. The proceeds from the private placement are intended to be used primarily to advance clinical studies of VRDN-001, a clinical-stage insulin-like growth factor-1 receptor (IGF-1R) monoclonal antibody (mAb) in development for thyroid eye disease (TED), a debilitating condition that can cause bulging eyes, or proptosis, as well as double vision and potential blindness.
“After a thorough evaluation of strategic alternatives, the Board of Directors of miRagen believes this acquisition represents the highest-potential value creation opportunity for miRagen’s stockholders. My sincere thanks and appreciation to our Board members and management team, both past and present, along with our investors for their support and commitment,” said Jeffrey S. Hatfield, Chairman of the Board of Directors of miRagen. “We are excited by the potential for VRDN-001 to become a meaningful treatment option for patients living with TED.”