LB Pharmaceuticals, Inc., a NYC-based biotechnology company focused on developing and commercializing novel and improved versions of CNS treatments, closed a $10.0m convertible note offering through a private placement to existing and new investors.
The notes are structured to convert into equity as part of the company’s Series B financing.
Proceeds from this convertible note financing will support continued clinical development of the company’s lead asset, LB-102. A PET imaging study is planned for later this year and a First-in-Patient Phase 2 clinical trial evaluating the effectiveness of LB-102 in treating the symptoms of schizophrenia is planned for mid-2021.
Founded in 2015 by Zachary Prensky, President and CEO, LB Pharmaceuticals is a clinical stage CNS-focused life science company devoted to commercializing novel and improved versions of successful CNS treatments used extensively overseas but never approved in the United States. LB-102, or N-methyl amisulpride, is the company’s lead clinical asset.
LB-102, or N-methyl amisulpride, is a patented benzamide designed to be an improved version of amisulpride, a dopamine/5-HT7 antagonist successfully used to treat schizophrenia in Europe for decades. LB-102 was designed to improve on amisulpride’s low permeability across the blood brain barrier. LB-102 has the potential to offer schizophrenia patients the benefits of amisulpride at a lower dose than amisulpride. A first-in-patient, placebo-controlled, Phase 2 study designed to test the safety and efficacy of LB-102 in the treatment of schizophrenia is planned for mid-2021.