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WALTHAM, MA – Viridian Therapeutics, Inc. (NASDAQ:VRDN), a $1.28 billion market cap company specializing in medical laboratory services, has announced changes to its Board of Directors in a recent filing with the U.S. Securities and Exchange Commission. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt, though it’s currently experiencing rapid cash burn.
On Monday, the company appointed Christopher Cain, Ph.D., as a Class I director, effective immediately. Dr. Cain, currently the Director of Research at Fairmount Funds Management LLC, will also chair the Nominating and Corporate Governance Committee and serve on both the Audit Committee and Science & Technology Committee.
The appointment coincides with the resignation of Peter Harwin from the Board, also effective Monday. Harwin’s departure is not due to any disagreements with the company’s operations, policies, or practices.
Dr. Cain brings a wealth of experience to Viridian, having previously held various positions at healthcare funds including Samsara BioCapital, Apple (NASDAQ:AAPL) Tree Partners, and RA Capital Management. His background includes investing in public and emerging private biotechnology companies, and he has also worked as a writer and editor at BioCentury Publications. Dr. Cain earned his B.A. from the University of California, Santa Barbara, and a Ph.D. in Biochemistry and Molecular Biology from the University of California, San Francisco.
There are no reported arrangements or understandings between Dr. Cain and any other persons regarding his selection as a director. Additionally, he has no familial relationships with any current directors or executive officers of Viridian, nor does he have any material interest in transactions requiring disclosure.
In line with the company’s non-employee director compensation policy, Dr. Cain will receive compensation as outlined in Viridian’s 2024 Annual Meeting of Stockholders Proxy Statement. The company also plans to enter into its standard form of indemnification agreement with Dr. Cain.
The information is based on a press release statement. Looking ahead, analysts maintain a bullish outlook on VRDN, with price targets ranging from $22 to $61. For deeper insights into Viridian’s financial health and growth prospects, including 8 additional exclusive ProTips and comprehensive analysis, visit InvestingPro to access the detailed Pro Research Report.
In other recent news, Viridian Therapeutics has announced a new $300 million sales agreement with Jefferies LLC, aimed at advancing the clinical development of its product candidates and preparing for commercialization. This agreement replaces a previous arrangement, allowing Viridian to sell shares over time at market prices. RBC Capital Markets has increased its price target for Viridian to $47.00, maintaining an Outperform rating, following positive results from the THRIVE-2 study for veligrotug in treating thyroid eye disease. The study showed significant improvement in proptosis and diplopia, setting veligrotug apart from competitors like Amgen (NASDAQ:AMGN)’s Tepezza.
In addition, Stifel analysts have reiterated a Buy rating with a $41.00 price target, highlighting Viridian’s strong positioning in the thyroid eye disease market. They noted successful pharmacokinetic matching between Veligrotug and the next-generation subcutaneous drug VRDN-003, which may reduce risks for ongoing trials. Meanwhile, H.C. Wainwright maintained a Buy rating and a $34.00 price target, emphasizing veligrotug’s promising clinical data and safety profile. The drug demonstrated superior outcomes in key metrics compared to Tepezza, including a lower rate of hearing impairment. These developments underscore Viridian’s potential in the market and its strategic growth trajectory.
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