Life science companies in the Philadelphia region saw a return of interest in sector investors during the first two months of 2024, writes John George for the Philadelphia Business Journal.
One of those companies is Larimar Therapeutics in Bala Cynwyd which raised $172.5 million from a public stock offering.
Larimar, which develops treatments for complex and rare diseases, sold 19.7 million shares of its common stock at $8.74 a share.
The money will be used to support the development of its lead compound, nomlabofusp, and its other experimental therapies.
Nomlabofusp is being tested as a potential treatment for Friedreich’s ataxia, a rare inherited disease that causes progressive damage to a person’s nervous system and movement difficulties.
Dr. Carole Ben-Maimon, Larimar’s president and CEO, said that in the second half of 2025, the company hoped to file a biologic license application with the U.S. Food and Drug Administration for the marketing of nomlabofusp as a treatment for Friedreich’s ataxia.
Mineralys Therapeutics in Radnor and Nia Therapeutics in King of Prussia also raised substantial funds in the beginning of 2024 as well.
Mineralys Therapeutics raised $120 million through a private placement led by new investor TCGX and existing investor RA Capital Management.
Nia Therapeutics raised $8.5 million in equity financing.
Read more about Larimar Therapeutics and other Montgomery County life sciences companies in the Philadelphia Business Journal.
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