Viking Therapeutics (NASDAQ: VKTX) wasted no time raising cash after the release of a successful maintenance trial, which strengthened the investment case for the stock. Viking raised more than $316 million in a stock offering at $35 per share and $258.75 million in convertible senior notes for gross proceeds of $575 million. Clinical trials don't come cheap, and definitely not for the kind of large phase 3 trials that Viking is currently undertaking for its GLP-1 and GIP agonist, VK2735. The company is already undertaking 78-week phase 3 trials for VK2735 in subcutaneous (injectable) form in obesity (Vanquish-1) and adults with type 2 diabetes and obesity (Vanquish-2). In addition, management recently announced the initiation of 68-week phase 3 trials for VK2735 oral in obesity (Sunrise-1) and in "adults with type 2 diabetes who are obese or overweight" (Sunrise-2). In addition, Viking is currently undertaking the second part of the maintenance trial in which an initial 21-week subcutaneous dose of VK2735 will be followed by 12 weeks of a range of oral VK2735 maintenance doses.
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