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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.
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.
Larimar Therapeutics, Inc. (Nasdaq: LRMR) announced that preclinical studies on CTI-1601’s impact on gene expression and neurodegeneration will be showcased at the Gordon Research Conference on Neurobiology of Brain Disorders from August 7-12, 2022. The poster, titled "Mitochondrial Protein Frataxin (FXN) promotes Expression of Neuronal Differentiation Markers," will be presented by David Bettoun, Ph.D., Vice President of Discovery and Non-clinical R&D. Larimar focuses on developing treatments for complex rare diseases, including Friedreich's ataxia.
Larimar Therapeutics (Nasdaq: LRMR) announced that its biomarker studies on Friedreich's ataxia will be presented at the Gordon Research Conference on Mitochondria and Chloroplasts from July 17-22, 2022. The study highlights differentially expressed genes between healthy individuals and those with Friedreich's ataxia, focusing on potential treatment pathways. The oral presentation will occur on July 21, 2022, at 8:40 PM ET by David Bettoun, Ph.D., the company's Vice President of Discovery and Non-clinical R&D.
BALA CYNWYD, Pa., June 2, 2022 (GLOBE NEWSWIRE) -- Larimar Therapeutics (Nasdaq: LRMR), a clinical-stage biotechnology company, announced its participation in two upcoming conferences. At the United Mitochondrial Disease Foundation Mitochondrial Medicine 2022 on June 9, 2022, Dr. Matthew Baile will discuss CTI-1601's effects on neurodegeneration. The company will also present on June 15, 2022, at the XXIV World Congress International Society for Heart Research, focusing on lipidomic insights related to Friedreich's ataxia and heart failure.
Larimar Therapeutics (Nasdaq: LRMR) announced that data from its Phase 1 clinical trial of CTI-1601 for treating Friedreich's ataxia will be presented at the 4th Pan American Parkinson’s Disease and Movement Disorders Congress, on May 26, 2022. The posters will cover the increase of tissue frataxin levels post-administration and the safety and pharmacokinetics of the therapy. This highlights Larimar's focus on developing treatments for complex rare diseases and advancing its clinical programs.
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