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BALA CYNWYD, Pa. - Larimar Therapeutics, Inc. (NASDAQ:LRMR), currently trading at $3.46 and showing a strong financial health score according to InvestingPro, has completed its previously announced public offering, raising $69 million in gross proceeds through the sale of 21,562,500 shares of common stock at $3.20 per share.
The total includes the full exercise of the underwriters’ option to purchase an additional 2,812,500 shares, the clinical-stage biotechnology company announced Thursday.
Leerink Partners, Guggenheim Securities, Truist Securities, and William Blair served as joint bookrunning managers for the offering.
Larimar, which focuses on developing treatments for complex rare diseases, plans to use the net proceeds to support the development of nomlabofusp, its lead compound being developed as a potential treatment for Friedreich’s ataxia. Funds will also support other pipeline candidates and general corporate purposes, including research and development expenses and pre-commercialization expenses.
The shares were offered under a shelf registration statement that was declared effective by the Securities and Exchange Commission on May 24, 2024.
The announcement comes as Larimar continues to advance its intracellular delivery platform designed to target rare diseases characterized by deficiencies in intracellular bioactive compounds.
This article is based on a press release statement from Larimar Therapeutics.
In other recent news, Larimar Therapeutics announced the pricing of an underwritten public offering, setting 18.75 million shares of common stock at $3.20 per share. This offering is projected to generate $60 million in gross proceeds, excluding underwriting discounts, commissions, and other related expenses. Larimar has also provided underwriters with a 30-day option to purchase an additional 2,812,500 shares at the same price. In another development, Larimar has published two peer-reviewed articles detailing nonclinical data on nomlabofusp, its frataxin protein replacement therapy for Friedreich’s ataxia. These studies demonstrate nomlabofusp’s mechanism of action and its effectiveness in increasing FXN levels in disease-relevant tissues. Additionally, Larimar has revised its timeline for submitting a Biologics License Application for nomlabofusp to the second quarter of 2026, following FDA recommendations. Despite this delay, the company maintains an "Outperform" rating from analysts.
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