New York, NY (March 4th, 2019) – LB Pharmaceuticals, Inc., (“LB”, or the “Company”) a biotechnology company focused on developing and commercializing novel and improved versions of successful CNS treatments, today announced the closing of an $8.4 million Series A Preferred Stock financing through a private placement to existing and new shareholders.
Existing shareholders included Rivopharm SA, the Company’s development and manufacturing partner, and the majority of LB’s Board of Directors. Maxim Merchant Capital, a division of Maxim Group LLC, acted as sole placement agent to LB for this transaction.
Proceeds from this financing will be used to support the continued development of the Company’s lead asset, LB-102. The Company expects to file an Investigational New Drug application with the Food and Drug Administration by October 2019 and complete a first-inhuman Phase 1 clinical trial by the end of the first quarter of 2020.
“We are pleased to close our Series A round and move towards clinical development of what would be the first benzamide product for the US psychiatric market,” said Zachary Prensky, President and CEO of LB. “This funding validates our approach of low-risk, high-reward CNS drug development and will enable us to be in a position to initiate a first-in-patient Phase 2 study for LB-102 by the end of 2020.”