LB Pharmaceuticals raises $150 million in private placement

LB Pharmaceuticals Inc. (Nasdaq: LBRX) has entered into a securities purchase agreement to raise approximately $150 million in a private placement, according to a company statement.

The offering includes 3,577,560 shares of common stock priced at $34.94 per share, along with pre-funded warrants to purchase up to 715,513 additional shares at $34.9399 each. The private placement was expected to close on or about July 30, 2026, subject to customary closing conditions.

Participating investors include Adage Capital Partners, BB Biotech, Caligan Partners, Commodore Capital, Deep Track Capital, funds managed by Farallon Capital Management, Integral Health Asset Management, Janus Henderson Investors, Spruce Street Capital, and StemPoint Capital, among others. Leerink Partners and Piper Sandler acted as placement agents.

The company said it intends to use net proceeds to fund pipeline expansion of its lead investigational drug, LB-102, into new indications, potentially including negative symptoms of schizophrenia and Alzheimer's disease agitation and psychosis, as well as for working capital and general corporate purposes.

LB-102 is an orally administered investigational antipsychotic compound. The company's pivotal Phase 3 NOVA-2 trial in acute schizophrenia and a Phase 2 trial in bipolar 1 depression are currently ongoing.

The securities have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption. LB Pharmaceuticals said it has agreed to file a registration statement with the Securities and Exchange Commission covering the resale of shares issued in the placement.

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