Miragen Therapeutics, Inc. (NASDAQ: MGEN) shares traded up 125.04% during the pre-market trading session after the biotechnology company has announced that it has acquired Viridian Therapeutics, Inc. Miragen believed that this acquisition will create opportunities for the stockholders of Miragen. At the same time, the company has also announced the agreement for the sale of Series A non-voting convertible preferred stock.
Miragen Therapeutics also disclosed that it has signed a sale agreement of a Series A preferred stock with a group of institutional accredited investors directed by Fairmount Funds Management LLC. The other institutional investors include Cormorant Asset Management, Perceptive Advisors, Surveyor Capital Commodore Capital, and Ridgeback Capital, Venrock Healthcare Capital Partners, Wellington Management, Ally Bridge Group, Logos Capital, BVF Partners L.P., as well as additional undisclosed institutional investors.
This private offering will help the company generate a profit of approximately $91 million before subtracting offering and agent expenses. It has disclosed that the profit from the private offering will be used to move forward the clinical studies of VRDN-001.
VRDN-001 is a clinical-stage insulin-like growth factor-1 receptor (IGF-1R) monoclonal antibody (mAb). VRDN-001 is the important candidate of Miragen Therapeutics used for the treatment of Thyroid eye disease (TED). Miragen anticipates that it will start a Phase II clinical trial of VRDN-001 in TED in 2021.
The global rights to make and commercialize VRDN-001 that do not use radiopharmaceuticals, including TED treatment, were licensed by Veriden of ImmunoGen Inc. As per the agreement, ImmunoGen has got the upfront payment and royalty payments.
Miragen Therapeutics, Inc. (NASDAQ: MGEN) shares were trading up 113.50% at $1.110 during the pre-market trading session of Wednesday. In the pre-market trading session, it has recorded a trading volume of 26.96 million. Miragen Therapeutics, Inc. (MGEN) share price went from a low point around $0.31 to briefly over $2.27 in the past 52 weeks. MGEN market cap has remained high, hitting $29.18 Million at the time of writing.