Lirum Therapeutics, a Phase 1 biotech developing an in-licensed therapy for cancer and autoimmune diseases, revised the terms for its upcoming IPO on Friday.
The New York, NY-based company now plans to raise $25 million by offering 5 million shares at $5, as well as pre-funded warrants to certain purchasers. The company had previously filed to offer 2.3 million shares at a range of $10 to $12. At the revised terms, Lirum Therapeutics will raise the same amount of proceeds as previously anticipated.
Because the company plans to offer warrants and is expected to have a market cap of less than $50 million, Lirum Therapeutics will be excluded from Renaissance Capital's 2024 IPO stats.
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.
