LBRX News & Events

LB Pharmaceuticals entered into a securities purchase agreement to sell 3,306,571 shares of its common stock and pre-funded warrants to purchase up to 1,417,107 shares of its common stock to a select group of institutional investors in a private placement. The purchase price of each share of common stock is $21.17. The purchase price of each pre-funded warrant is $21.1699, which represents the per share purchase price for the common stock less the $0.0001 per share exercise price for such pre-funded warrant. LB Pharmaceuticals anticipates the gross proceeds from the private placement to be approximately $100M, before deducting any transaction-related expenses. The private placement is expected to close on or about February 6, subject to the satisfaction of customary closing conditions. The financing includes participation from new and existing institutional investors, including Balyasny Asset Management, Caligan Partners, Commodore Capital, Deep Track Capital, Nantahala Capital, Pivotal bioVenture Partners, Spruce Street Capital, TCGX, Trails Edge Capital Partners, and other investors. Leerink Partners, Piper Sandler and Stifel acted as placement agents for the private placement.

LB Pharmaceuticals announced the initiation of a Phase 2 trial evaluating the efficacy and safety of LB-102 in patients with bipolar depression. LB-102, a novel, once-daily, oral investigational small molecule, is a potent and selective antagonist of D2, D3, and 5HT7 receptors that is being advanced as a potential first benzamide antipsychotic in the U.S. for the treatment of neuropsychiatric disorders. Anna Eramo, Chief Medical Officer of LB Pharmaceuticals added, "We believe LB-102's pharmacologic profile, including selective D2, D3, and 5HT7 receptor antagonism and favorable tolerability observed in prior clinical trials, aligns well with the critical unmet needs in bipolar depression. Significant opportunity exists for new therapies that can offer early onset of effect, reduced side effects such as sedation and EPS (including akathisia), and improvement in anhedonia and cognitive deficits, all of which can impact a patient's ability to function."

LB Pharmaceuticals announced the appointment Dr. Minako Pazdera as General Counsel. Before joining LB Pharmaceuticals, Dr. Pazdera served as General Counsel and Corporate Secretary at Kardigan.