LB Pharmaceuticals Secures $10.0M in Additional Financing
LB Pharmaceuticals, Inc., a NYC-based biotechnology company focused on developing and commercializing novel and improved versions of CNS treatments, closed a $10.0m convertible note offering through a private placement to existing and new investors. The notes are structured to convert into equity as part of the company’s Series B financing. Proceeds from this convertible note financing will support continued clinical development of the company’s lead asset, LB-102. LB-102 has the potential to offer schizophrenia patients the benefits of amisulpride at a lower dose than amisulpride. A first-in-patient, placebo-controlled, Phase 2 study designed to test the safety and efficacy of LB-102 in the treatment of schizophrenia is planned for mid-2021.