Home Music therapy Viridian plans to raise $175 million in eye disease treatment data – Endpoints News

Viridian plans to raise $175 million in eye disease treatment data – Endpoints News

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A year and a half after the rebranding, Viridian Therapeutics seems to have found a way forward.

On Monday, the Waltham, MA-based biotech company initial data reported of its Phase I/II trial in thyroid eye disease (TED) – and the results, although only in one of three treatment arms, look promising so far. Later in the day, Viridian followed with a public offering of $175 million in common and preferred shares.

In a small cohort of a Phase I/II trial, 5 of 6 patients who received 10 mg/kg of Viridian’s thyroid eye disease candidate – an anti-IGF-1R antibody known as VRDN-001 – responded to treatment, meaning they had a ≥ 2 mm reduction in eye swelling, a common symptom of the disease, accompanied by a reduction of at least 2 points (out of 7) on a composite score of PDD-related symptoms. Two patients in the cohort received a placebo.

Additionally, three-quarters of patients who had double vision due to PDD also saw their symptoms disappear.

In this treatment arm, no serious adverse events or discontinuations were reported, but two patients had muscle spasms and one had ringing in the ears, although none required further intervention. said biotech.

Viridian plans to read the 20 mg/kg and 3 mg/kg arms of the trial later this year.

Horizon’s Tepezza, also an anti-IGF-1R antibody, became the first approved treatment for thyroid eye disease in early 2020. Tepezza is one of Horizon’s top-selling drugs, grossing nearly $480 million. dollars in the last quarter. However, on Horizon’s second quarter call earlier this month, CEO Tim Walbert lowered the 2022 sales forecast for the drug from around $4 billion to between 3.53 and $3.6 billion.

“We expected Tepezza trends to continue to show positive progress based on the post-Omicron recovery and that did not happen,” Walbert said on the call.

Barrett Katz, Chief Marketing Officer of Viridian, said of VRDN-001:

These data exceeded our expectations and compare very favorably to Tepezza, the only approved therapy in TED. The significant improvement in signs and symptoms seen after just two infusions of VRDN-001 is remarkable. We plan to accelerate the start of our Phase 3 THRIVE program, which will begin later this year, in a large active and chronic disease PDD population.

Barrett Katz

In addition to Viridian’s $175 million public offering, underwriters can return for an additional $26.25 million in common stock.

In 2020, Viridian, then known as miRagen, halved its workforce, reshuffled its executive leadership, and shelved its discovery work. The penny stock biotech acquired Viridian Therapeutics, adopting its name and a new ticker symbol a few months later. Along with the takeover and rebranding, what was previously a microRNA biotech in miRagen became focused on Viridian’s TED pipeline.

In response to Monday’s reading, Viridian’s stock $VRDN jumped nearly 60% from around $15 to nearly $25 on Tuesday morning.