Viela Bio Inc (NASDAQ: VIE) has been on an upside trajectory since it went public in October. The company went public at an offer price of $19 and at yesterday’s close, it was trading at $28.18. The stock has been boosted by a number of positive news coming from the organization.
Yesterday, the company announced that its first patient has been given a dosage of VIB4920 as part of its Phase 2b trial of the drug for the treatment of Sjogren’s syndrome. Sjogren’s syndrome is a chronic autoimmune disease that inflames and destroys the salivary and lacrimal glands leading to dryness and pain.
According to the company’s Chief Medical Officer, Jorn Drappa, there are currently no approved therapies for treating Sjogren. He added that, the study was a major milestone in the company’s R&D efforts with CD40.CD40L co-stimulatory pathways. He also stated that, the company believed that by treating candidate with VIB4920, they could take care of the immune activation in B and T cell related diseases like Sjogren’s syndrome.
Besides news on VIB4920, the company released its Q3 financial results in mid-November. Some of the highlights were that, as of 30th September, the company had cash and marketable securities worth $198.2 million. This amount, the company reported, did not include the $157.2 million that the company generated from its IPO. The company also announced that, R&D expenses of as 30th September stood at $38.7 million. The company also reported a net loss of $48.4 million or $65 per share.
Looking at the charts, in yesterday’s session the stock traded between a low of $25.60 and a high of $29.34 before closing the day at $28.18. Volumes in the day stood at 177.91k.
About Viela Bio Inc
Viela Bio Inc is a biotech company that researches and develops treatments for inflammations and autoimmune diseases. It has its headquarters in Gaithersburg, Maryland.