Longboard Pharmaceuticals, a Phase 1 biotech formed by Arena Pharmaceuticals developing medicines for neurological diseases, raised $80 million by offering 5 million shares at $16, the high end of the range of $14 to $16.
Longboard Pharmaceuticals is focused on developing novel, transformative medicines for neurological diseases. It was formed in January 2020 by Arena Pharmaceuticals to advance a portfolio of centrally acting product candidates designed to be highly selective for specific G protein-coupled receptors. Its lead candidate, LP352, is an oral, centrally acting, 5-HT2c superagonist that is being advanced in a multiple-ascending dose portion of a Phase 1 trial. Longboard expects to initiate a Phase 1b/2a trial for the treatment of developmental and epileptic encephalopathies, including Dravet syndrome and Lennox-Gastaut syndrome, among others, in the 1Q22.
Longboard Pharmaceuticals plans to list on the Nasdaq under the symbol LBPH. Citi, Evercore ISI, Guggenheim Securities and Cantor Fitzgerald acted as lead managers on the deal.
