LRMR - Larimar Therapeutics Announces Closing of Underwritten Public Offering of Common Stock and Exercise in Full of the Underwriters' Option to Purchase Additional Shares | Benzinga
BALA CYNWYD, Pa., Feb. 16, 2024 (GLOBE NEWSWIRE) -- Larimar Therapeutics, Inc. ("Larimar") (NASDAQ:LRMR), a clinical-stage biotechnology company focused on developing treatments for complex rare diseases, today announced the closing of its previously announced underwritten public offering of 19,736,842 shares of its common stock, which includes the exercise in full of the underwriters' option to purchase 2,574,370 additional shares, at the public offering price of $8.74 per share, the closing price of its common stock on February 13, 2024. The aggregate gross proceeds to Larimar from this offering, before deducting underwriting discounts and commissions and estimated offering expenses, were approximately $172.5 million.
Leerink Partners, Citigroup and Guggenheim Securities acted as joint bookrunning managers for the offering. LifeSci Capital acted as lead manager for the offering.
Larimar intends to use the net proceeds from the proposed offering to support the development of nomlabofusp (CTI-1601) and other pipeline candidates, and for working capital and general corporate purposes, including research and development expenses.
The shares were offered pursuant to a shelf registration statement on Form S-3 (File No. 333-268312) that was declared effective by the Securities and Exchange Commission ("SEC") on November 21, 2022. A final prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC on ...