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Larimar Therapeutics, Inc. (Nasdaq: LRMR) is a clinical-stage biotechnology company dedicated to developing innovative treatments for complex rare diseases. The company's lead compound, CTI-1601, is currently undergoing Phase 1 clinical trials as a potential treatment for Friedreich’s ataxia, a progressive genetic disorder. Using its proprietary cell-penetrating peptide technology platform, Larimar aims to design fusion proteins that address deficiencies in intracellular bioactive compounds.
CTI-1601, a subcutaneously administered, recombinant fusion protein, is engineered to deliver human frataxin (FXN) directly to the mitochondria in patients with Friedreich’s ataxia. This approach is intended to mitigate the symptoms of this debilitating disease, offering hope to patients and their families.
Larimar Therapeutics reported a net loss of $9.1 million in Q3 2023, with research and development expenses totaling $6.6 million. The increase in expenses is attributed to ongoing clinical trials, personnel costs, and professional fees. The company had $95.6 million in cash, cash equivalents, and marketable securities as of September 30, 2023, ensuring sufficient liquidity into Q1 2025.
Recent activities include initiating an underwritten public offering of common stock and pre-funded warrants to raise funds for further research and development, particularly for the continued progression of CTI-1601.
Partnerships with financial entities such as Leerink Partners, Citigroup, and Guggenheim Securities have bolstered Larimar's market presence, demonstrating strong investor confidence and commitment to its mission.
For more information, visit Larimar Therapeutics, Inc.
Lariamar Therapeutics (Nasdaq: LRMR) announced its participation in the Guggenheim Genomic Medicines and Rare Disease Days on April 3-4, 2023. The company will engage in a virtual fireside chat and 1x1 investor meetings, showcasing its focus on developing treatments for complex rare diseases.
The fireside chat is scheduled for April 4, 2023, at 4:35 PM ET, accessible via a live webcast link. Following the event, a replay will be available on Larimar's Events and Presentations page. Larimar Therapeutics is advancing its lead compound, CTI-1601, for Friedreich's ataxia and aims to create further treatments for rare diseases through its innovative platform.
Lakimar Therapeutics reported key updates on its Phase 2 trial of CTI-1601 for Friedreich's ataxia, with the first cohort fully enrolled as of March 14, 2023. The company expects to announce the next steps following an FDA review in Q2 2023. As of December 31, 2022, Larimar held cash and investments totaling $118.4 million, projecting a runway into 2H 2024. For Q4 2022, the net loss was $9.4 million (or $0.21 per share), an increase from the previous year. Total net loss for 2022 was $35.4 million, down from $50.6 million in 2021, indicating improved financial health amidst ongoing R&D investments.
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.
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