Business
Larimar Therapeutics Announces $70 Million Underwritten Offering
BALA CYNWYD, Pa., Sept. 14, 2022 (GLOBE NEWSWIRE) -- Larimar Therapeutics, Inc. (“Larimar” or the “Company”) (Nasdaq: LRMR), a clinical-stage biotechnology
About this update from Larimar Therapeutics, Inc.
[{"type":"text","content":"BALA CYNWYD, Pa., Sept. 14, 2022 (GLOBE NEWSWIRE) -- Larimar Therapeutics, Inc. (“Larimar” or the “Company”) (Nasdaq: LRMR), a clinical-stage biotechnology company focused on developing treatments for complex rare diseases, today announced the pricing of an underwritten offering of 22,225,000 shares of common stock. The shares are being sold at an offering price of $3.15 per share, which is equal to the closing price on Nasdaq for Larimar’s common stock on September 13, 2022. The gross proceeds to Larimar, before deducting the underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $70.0 million. The offering is expected to close on or about September 16, 2022, subject to customary closing conditions. Larimar has granted the underwriters a 30-day overallotment option to purchase up to 3,333,750 additional shares of common stock at the offering price, less underwriting discounts and commissions. Deerfield Management and other notable life science investors participated in the offering. Guggenheim Securities, LLC is acting as lead book-running manager for the offering and William Blair & Company, L.L.C. is also acting as a book-runner for the offering. LifeSci Capital LLC and JMP Securities, a Citizens Company, are acting as co-managers for the offering. Larimar intends to use the net proceeds from the offering to support the clinical development of CTI-1601, and for working capital and general corporate purposes, including research and development expenses. A shelf registration statement on Form S-3 (File No. 333-246370) relating to the offering of the shares of common stock described above was filed with the Securities and Exchange Commission (the “SEC”) and became effective on September 1, 2020. A prospectus supplement relating to the offering, and the accompanying prospectus, will be filed with the SEC. When available, copies of the prospectus supplement and accompanying prospectus may also be obtained from the offices of Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison, 8th Floor, New York, NY 10017, via telephone at (212) 518-9544 or via email at [email protected]. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any ...