Larimar Therapeutics extends rally after $150 mln stock offering

Larimar Therapeutics

14/02/2024 12:15

** Shares of Larimar Therapeutics  LRMR.O  up 8.7% premarket
to $9.50, a 2-yr high, after co raises equity
    ** Co sells ~17.2 mln shares at $8.74, raises $150 mln to
fund development of nomlabofusp, other pipeline candidates
    ** Offering price in-line with stock's Tues close
    ** Healthcare sector-focused hedge fund Deerfield
Management, co's largest shareholder with ~39% stake, intends to
buy offering shares, per the SEC filing
    ** Shares had gained about 39% over the past 3 sessions and
have nearly doubled in 2024 through Tues
    ** On Mon, LRMR reported positive Phase II data for
nomlabofusp in patients with Friedreich’s ataxia, a rare genetic
disease that affects the nervous system
    ** LRMR has ~43.9 mln shares outstanding for ~$384 mln
market cap
    ** Leerink, Citigroup and Guggenheim acting as jt
bookrunners for stock offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))