Lirum Therapeutics, a Phase 1 biotech developing an in-licensed therapy for cancer and autoimmune diseases, announced terms for its IPO on Thursday.
The New York, NY-based company plans to raise $25 million by offering 2.3 million shares at a price range of $10 to $12. At the midpoint of the proposed range, Lirum Therapeutics would command a market cap of $103 million.
Lirum in-licensed its lead candidate, LX-101, from IGF Oncology in 2022. LX-101 is a novel, next generation, precision-engineered targeted therapy directed to the insulin-like growth factor-1 receptor (IGF-1R), which was previously evaluated by the licensor in Phase 1a trials in advanced, pretreated cancer. As a next step, Lirum plans to advance LX-101 through Phase 1b/2 trials in select oncology indications and Phase 1 trials in select thyroid eye disease indications.
Lirum Therapeutics was founded in 2021 and plans to list on the Nasdaq under the symbol LRTX. ThinkEquity is the sole bookrunner on the deal.
