Viridian Therapeutics commences $175 million public offering

US biotech Viridian Therapeutics (Nasdaq: VRDN) has commenced an underwritten public offering of $175 million of shares of its common stock and series B preferred stock.

All of the securities to be sold in the underwritten public offering are being offered by Viridian. In addition, Viridian intends to grant the underwriters a 30-day option to purchase up to an additional $26.25 million of shares of its common stock. Each share of series B preferred stock will be convertible into 66.67 shares of common stock at the election of the holder, subject to beneficial ownership conversion limits applicable to the series B preferred stock.

Viridian intends to use the proceeds from the proposed underwritten public offering of its shares of common stock and series B preferred stock to further its clinical development programs, as well as for working capital and general corporate purposes.