Business
Larimar Therapeutics Reports Second Quarter 2020 Operating and Financial Results
Merger between Chondrial Therapeutics and Zafgen completed and company began operating as Larimar TherapeuticsPhase 1 clinical trial of CTI-1601 for treatment
About this update from Larimar Therapeutics, Inc.
[{"type":"text","content":"Merger between Chondrial Therapeutics and Zafgen completed and company began operating as Larimar TherapeuticsPhase 1 clinical trial of CTI-1601 for treatment of Friedreich’s ataxia restarts after delay due to COVID-19 related restrictions $80 million private placement financing completed with biotechnology-focused institutional investorsPositive opinion on Orphan Drug Designation for CTI-1601 from the European Medicines Agency Committee for Orphan Medicinal Products New Board Chair, Chief Medical Officer and Chief Financial Officer appointed BALA CYNWYD, Pa., Aug. 11, 2020 (GLOBE NEWSWIRE) -- Larimar Therapeutics, Inc. (Nasdaq:LRMR), a clinical-stage biotechnology company focused on developing treatments for complex rare diseases, today reported its second quarter 2020 operating and financial results.\n “The second quarter was a transformative period for Larimar as we completed the merger between Chondrial and Zafgen, strengthened our leadership team and raised significant capital. We believe these accomplishments have well positioned us to execute our strategy of developing treatments for complex rare diseases using our novel cell penetrating peptide technology platform,” said Carole Ben-Maimon, MD, President and Chief Executive Officer of Larimar Therapeutics. “We have sustained the momentum created by the merger with two recent important milestones, resumption of our Phase 1 clinical trial for CTI-1601 for the treatment of Friedreich’s ataxia (FA) which allows our Phase 1 program to continue moving forward, and receipt of a positive opinion on orphan drug designation for CTI-1601 from the European Medicines Agency (EMA) Agency Committee for Orphan Medicinal Products (COMP).” Second Quarter and Subsequent Highlights In May 2020, Larimar announced the completion of the reverse merger between Chondrial Therapeutics, Inc. and Zafgen, Inc. The combined, publicly traded clinical-stage biotechnology company began operating under the name Larimar Therapeutics, Inc. and its shares commenced trading on the Nasdaq Global Market on May 29, 2020, under the ticker symbol “LRMR.”In May 2020, Larimar completed a private placement of common stock and pre-funded warrants to purchase common stock for $80 million of gross proceeds before placement agent fees and expenses. The financing was led by Cowen Healthcare Investments, and includes parti...