Larimar Therapeutics Inc Stock Price, News & Analysis

Larimar Therapeutics, Inc. (Nasdaq: LRMR) has appointed Gopi Shankar, PhD, MBA, as the Chief Development Officer (CDO). Dr. Shankar brings over 20 years of experience from Johnson & Johnson, where he led significant R&D teams. He will focus on the strategic development of the company's clinical and R&D programs, particularly the CTI-1601 program aimed at treating Friedreich's ataxia. This therapy has received multiple designations from the FDA and EMA. The Board approved a stock option grant as part of his inducement package.

Larimar Therapeutics (LRMR) reported its Q3 2022 results, showcasing a net loss of $8.3 million, or $0.37 per share, compared to $16.8 million, or $0.92 per share in Q3 2021. The company raised approximately $75.2 million through equity offerings and had $124.7 million in cash as of September 30, 2022, projecting a cash runway into H2 2024. The first cohort of its Phase 2 trial for CTI-1601 in Friedreich's ataxia patients is underway, with updates expected in Q2 2023 and top-line data anticipated in H2 2023.

Larimar Therapeutics (Nasdaq: LRMR) announced participation in the Guggenheim 4th Annual Immunology & Neurology Day on November 14-15, 2022. Management will engage in a virtual fireside chat and hold 1x1 investor meetings.

The fireside chat is scheduled for November 15 from 9:00 – 9:25 AM ET. Investors can access the chat via the provided webcast link. Larimar focuses on developing treatments for rare diseases, particularly Friedreich's ataxia, using its intracellular delivery platform.

LariMar Therapeutics has secured U.S. Patent No. 11,459,363, extending the intellectual property protection for CTI-1601 until at least July 2040. This patent, which is crucial for the company's lead treatment for Friedreich's Ataxia, emphasizes its innovative approach of delivering mature frataxin to mitochondria. Additionally, CTI-1601 is set for a Phase 2 trial later this year and holds various FDA designations, including Orphan Drug status. The patent enhances Larimar's competitive position in the biotech industry, indicating strong future prospects for the drug.

Larimar Therapeutics (Nasdaq: LRMR) announced that data from its Phase 1 clinical program for CTI-1601, aimed at treating Friedreich's Ataxia, will be presented at the International Congress for Ataxia Research from November 1-4, 2022, in Dallas, Texas. Key presentations will cover safety, pharmacokinetics, and gene expression findings related to CTI-1601. Notably, Nancy M. Ruiz, MD will present important data on November 3 at 4:00 PM CT.

Larimar Therapeutics, Inc. (Nasdaq: LRMR) announced the closure of an underwritten offering of 25,558,750 shares of common stock at $3.15 per share, raising approximately $80.5 million before expenses. The offering included a full exercise of the underwriters' option for an additional 3,333,750 shares. Notable investors, including Deerfield Management, participated in the offering. The funds will support the clinical development of CTI-1601 and other corporate purposes. The shares were issued under an effective shelf registration statement filed with the SEC.

Learimar Therapeutics (Nasdaq: LRMR) announced an underwritten offering of 22,225,000 shares at $3.15 per share, aligned with the previous day's closing price. The total expected gross proceeds are approximately $70 million, slated to close around September 16, 2022. The funds will support the clinical development of CTI-1601 and general corporate purposes. Notable investors, including Deerfield Management, participated in this offering, with Guggenheim Securities as the lead manager.

Lerimar Therapeutics (Nasdaq: LRMR) announced FDA clearance for the initiation of a Phase 2 trial of CTI-1601, a treatment for Friedreich's ataxia. The trial will evaluate a 25 mg dose across 24-30 patients, with results expected in 2H 2023. This follows the lifting of a partial clinical hold by the FDA, previously imposed after concerns about animal studies. Larimar aims to explore the drug's safety and pharmacodynamics after positive Phase 1 results showed increased frataxin levels, crucial for addressing this rare disease.

Larimar Therapeutics (Nasdaq: LRMR) announced plans to submit a complete response regarding CTI-1601's clinical hold by Q3 2022. They are proposing a Phase 2 dose exploration study for Friedreich's ataxia patients, following FDA feedback from a Type C Meeting. As of June 30, 2022, cash and marketable securities were $54.9 million, ensuring funding through Q3 2023. The company reported a net loss of $8.7 million for Q2 2022, an improvement from $12.6 million in Q2 2021.