Larimar Therapeutics announces underwritten public offering

Larimar Therapeutics Inc. (NASDAQ: LRMR) announced it has commenced an underwritten public offering of common stock shares and pre-funded warrants. The clinical-stage biotechnology company said it expects to grant underwriters a 30-day option to purchase up to an additional 15% of the securities at the public offering price, less underwriting discounts and commissions.

The company stated the proposed offering remains subject to market and other conditions, with no assurance regarding completion timing or final terms. Leerink Partners and Guggenheim Securities are serving as joint bookrunning managers for the offering.

Larimar said it intends to use net proceeds to support development of nomlabofusp and other pipeline candidates, along with working capital and general corporate purposes including research and development expenses and pre-commercialization costs.

The offering is being conducted under a shelf registration statement on Form S-3 that became effective with the Securities and Exchange Commission on May 24, 2024. A preliminary prospectus supplement and accompanying prospectus will be filed with the SEC.

Larimar focuses on developing treatments for complex rare diseases. The company's lead compound, nomlabofusp, is being developed as a potential treatment for Friedreich's ataxia. The company also plans to use its intracellular delivery platform to design fusion proteins targeting additional rare diseases characterized by deficiencies in intracellular bioactive compounds.

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