Gaithersburg’s Fast Growing Viela Bio Wants to Raise Millions In Cash In Anticipation Of FDA Approval
Viela Bio (NASDAQ:VIE) with headquarters in Gaithersburg is one of the younger and newly formed biotechs in the region but instead of starting out on the ground floor and staying there for years on end, the company has quickly grown to become one of the top five largest biotechs in the Washington D.C. area measured by market value.
The clinical stage company focuses on pioneering treatments for autoimmune and severe inflammatory diseases but finding a cure for illusive illnesses can be tricky and cost a lot of money.
Viela recently announced its issuing 3,600,000 shares of its common stock at $47.00 a share in the hopes of raising $169 million. Certain selling stockholders would also grant underwriters a 30-day option to purchase up to 540,000 shares.
Viela hasn’t had any trouble raising cash in the past and this time isnt expected to be any different. The company spun out of former biotech giant Medimmune via biopharma griant AstraZeneca, is really close to knowing if it will get FDA approval for its new drug. The company could find out as soon as June 11, 2020.
The proceeds would go towards the development and commercialization of its late-stage drug inebilizumab. This version specializes in treating Neuromyelitis Optica Spectrum Disorder (NMOSD), an autoimmune disorder that inflames and attacks the optic nerve, spinal cord and brain stem which could lead to blindness and paralysis.
If the company gets FDA approval it would propel its value to new highs. It would also be a big win for Montgomery County as well with what would no doubt be a surge in job growth and expansion by the company.
With an approval behind them Viela could then concentrate on getting its next drugs approved including one to address Kidney Transplant Rejection (VIB4920) and another focused on Lupus (VIB7734).