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vera therapeutics Vera Therapeutics Reports First Quarter 2021 Financial Results and Provides Corporate Update June 24 , 2021 Completed an initial public offering with net proceeds , including the exercise of the underwriters ' option in full , of approximately $ 48.4 million in May 2021 Expanded the management team to support initiation of atacicept clinical development program Initiated Phase 2b ORIGIN clinical trial of atacicept in patients with IgA nephropathy ( IgAN ) SOUTH SAN FRANCISCO , Calif . , June 24 , 2021 ( GLOBE NEWSWIRE ) -- Vera Therapeutics , Inc. ( Nasdaq : VERA ) , a clinical - stage biotechnology company focused on developing and commercializing transformative treatments for patients with serious immunological diseases , today reported its financial results for the first quarter ended March 31 , 2021 , and provided a corporate update . " Over the past nine months , we completed two capital raises for a total of approximately $ 128.0 million with which we have launched our clinical development program for atacicept , " said Marshall Fordyce , MD , founder and chief executive officer of Vera Therapeutics . " We recently initiated the Phase 2b ORIGIN trial of atacicept to treat IgAN , which we believe could have a profound benefit for patients for whom there remains significant unmet medical need . " First Quarter and Recent Business Highlights • Initiated the Phase 2b ORIGIN clinical trial , a dose - ranging study evaluating the safety and efficacy of atacicept in patients with IgA nephropathy ( IgAN ) who continue to have persistent proteinuria and remain at high risk of disease progression . • Appointed Celia Lin , MD , as Chief Medical Officer , who brings extensive clinical and industry experience in orphan diseases and multiple therapeutic areas , including nephrology and inflammation . • • Appointed Tad Thomas , PhD , as Senior Vice President and Head of Product Development and Manufacturing to lead the Company's process development , manufacturing , analytical sciences , and quality control operations . Appointed Joseph Young , MBA , as Senior Vice President of Finance and Chief Accounting Officer to oversee finance and accounting , administration , and corporate operations . • Completed an initial public offering with net proceeds of approximately $ 48.4 million , including the underwriters ' exercise of their option in full , in May 2021 . • Completed an approximately $ 80.0 million Series C financing in January 2021 led by Abingworth LLP . Other investors included Sofinnova Investments , Longitude Capital , Fidelity Management & Research Company LLC , Surveyor Capital ( a Citadel company ) , Octagon Capital , Kleiner Perkins , GV ( formerly Google Ventures ) , and Alexandria Venture Investments . Financial Results for the Quarter Ended March 31 , 2021 For the three months ended March 31 , 2021 , the Company reported a net loss of $ 4.7 million , or a net loss per diluted share of $ 12.23 , compared to a net loss of $ 2.5 million , or a net loss per diluted share of $ 7.79 , for the same period last year . During the first quarter 2021 , net cash used in operating activities was $ 4.1 million , compared to $ 2.3 million for the same period last year . Vera reported approximately $ 49.5 million in cash and cash equivalents as of March 31 , 2021. Subsequently , Vera completed an initial public offering of 5,002,500 shares of its Class A common stock , including the underwriters ' exercise of their option in full , for net proceeds of approximately $ 48.4 million in May 2021 . About Atacicept Atacicept is a novel , disease - modifying fully humanized fusion protein that is a dual inhibitor of the cytokines B lymphocyte stimulator ( BLYS ) and a proliferation - inducing ligand ( APRIL ) . These cytokines are members of the tumor necrosis factor family that promote B - cell survival and autoantibody production associated with immunologic diseases , including IgA nephropathy ( IgAN ) , also known as Berger's disease , and systemic lupus erythematosus . Vera believes that atacicept has the potential to be the best - in - class and the leading B cell - targeted therapy for IgAN . Atacicept has been well tolerated and has been used in clinical trials of more than 1,500 patients to date . In a clinical trial of IgAN patients , data show atacicept is the first known molecule to substantially reduce galactose - deficient immunoglobulin A ( Gd - IgA1 ) . About Vera Vera Therapeutics is a clinical - stage biotechnology company focused on developing and commercializing transformative treatments for patients with serious immunological diseases . Vera's lead product candidate is atacicept , a fusion protein self - administered as a subcutaneous injection once weekly that blocks both B lymphocyte stimulator ( BLYS ) and a proliferation - inducing ligand ( APRIL ) , which stimulate B cells and plasma cells to produce autoantibodies contributing to certain autoimmune diseases . In addition , Vera is evaluating additional diseases where the reduction of autoantibodies by atacicept may prove medically useful , including lupus nephritis , a severe renal manifestation of systemic lupus erythematosus . For more information , please visit www.veratx.com . Forward - looking Statements