Viridian offers $175 million of convertible preferred stock and common stock

Chicago, Aug. 15 – Viridian Therapeutics Inc. announced the start of an underwritten public offering of $175 million of shares of its common stock and series B preferred stock, according to a press release and filing with the Securities and Exchange Commission.

Each share of series B preferred stock will be convertible into 66.67 shares of common stock, subject to the beneficial ownership limitation.

Proceeds will be used to further the company’s clinical development programs, as well as for working capital and general corporate purposes.

The company conducted a previous offering for the series B convertible preferred stock. As of Monday, none of it had been converted into common stock.

The company’s last reported common stock price on Friday was $14.73.

The series B preferred stock will not be listed on any national securities exchange.

Jefferies, SVB Securities and Evercore ISI are working as joint bookrunners.

The underwriters will have a 30-day option to purchase an additional $26.25 million of shares of the company’s common stock.

Viridian is a Waltham, Mass.-based biotechnology company.

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