LB Pharmaceuticals Inc, a biotechnology company focused on developing and commercializing novel and improved versions of successful CNS treatments, today announced the closing of a $10.0 million 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. A PET imaging study is planned for later this year and a First-in-Patient Phase 2 clinical trial evaluating the effectiveness of LB-102 in treating the symptoms of schizophrenia is planned for mid-2021.
“We are pleased to close our first tranche of Series B funding as we move toward our first-in-patient Phase 2 study treating patients with schizophrenia with what would be the first benzamide product for the US psychiatric market,” said Zachary Prensky, President and CEO of LB Pharmaceuticals. Prensky adds, “Securing this funding is continued validation of our approach of low-risk/high-reward CNS drug development that will enable us to complete our planned imaging study and explore the potential for developing a long-acting injectable version of LB-102.”
Source: Biospace
