Viridian Therapeutics gets up to $75 million via Hercules Capital

By Wendy Van Sickle

Columbus, Ohio, April 4 – Viridian Therapeutics Inc. entered into a debt financing agreement with Hercules Capital, Inc. for up to $75 million, according to a news release.

The company drew an initial $5 million at closing. An additional $20 million is available at Viridian’s request through June 15, 2023, with an additional $25 million available upon the company’s achievement of certain milestones, and the remaining $25 million available subject to final lender approval.

The company is under no obligation to draw funds in the future. The facility carries a single-digit cost of capital, the release noted.

The company reported starting 2022 with more than $195 million in cash and investments.

“This credit facility further increases our financial strength, providing the company with strategic and operational flexibility,” stated Kristian Humer, Viridian Therapeutics’ chief financial and business officer. “We anticipate transformational data from both VRDN-001 and VRDN-002 clinical programs in the next several quarters. We seek to progress both programs into registrational trials as fast as possible. This credit facility reduces our dependence on capital markets allowing us to focus on executing a rapid and efficient registrational program and our plans to deliver new options to patients suffering with thyroid eye disease across broader settings of care than currently approved therapies.”

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

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