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Viking Therapeutics closes $77.6M common stock offering

Viking Therapeutics Inc. closed its public offering of common stock to raise about $77.6 million in gross proceeds.

The San Diego-based biopharmaceutical company issued 8,625,000 common shares at $9 apiece.

Viking Therapeutics intends to use the net proceeds to further develop VK2809 for treating liver disorders; VK5211 to treat muscle and bone disorders; and VK0214 to treat X-linked adrenoleukodystrophy, a rare genetic disorder that affects the nervous system and the adrenal glands.

A portion of the proceeds is also allocated for general research and development, working capital, and general corporate purposes.

William Blair & Co. LLC. acted as sole book-running manager, while SunTrust Robinson Humphrey Inc. served as lead manager for the offering. Maxim Group LLC and Roth Capital Partners acted as co-managers, and H.C. Wainwright & Co. and Laidlaw & Co. (UK) Ltd. served as financial advisers for the offering.