On February 8, 2023 Lirum Therapeutics, Inc. (the "Company" or "Lirum"), an innovative clinical-stage biopharmaceutical company focused on the treatment of debilitating diseases, reported that it has closed a private placement, which resulted in gross proceeds to Lirum of over $7 million, before deducting offering expenses (Press release, Lirum Therapeutics, FEB 8, 2023, View Source [SID1234651601]). Net proceeds will be used by Lirum primarily to advance its clinical and preclinical studies, for working capital, and to potentially expand its product candidate pipeline.
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Lirum’s lead product candidate, LX-101, is a novel, clinical-stage, targeted therapy directed to the IGF-1 receptor (IGF-1R). The IGF-1/IGF-1R pathway is active in multiple cancers and autoimmune diseases, including thyroid eye disease (TED). LX-101 consists of a proprietary, precision-engineered IGF-1 variant coupled to a rational therapeutic payload, bringing a novel and differentiated mechanism of action versus current and past IGF-1R targeted approaches.
LX-101 has been evaluated in Phase 1 trials of patients with advanced, pretreated cancer, where it was found to be well-tolerated and demonstrated single agent activity. No dose limiting toxicity or maximum tolerated dose have been reached, and Lirum intends to continue to dose escalate and optimize the administration schedule.
Lirum plans to focus development of LX-101 toward specific adult and pediatric oncology and autoimmune indications which carry a strong scientific, medical, and business rationale. These include certain cancers harboring genetic alterations that affect the IGF-1/IGF-1R pathway and/or where IGF-1R overexpression correlates with areas of unmet medical need, as well as in certain autoimmune diseases, including TED where IGF-1R has been commercially validated.
ThinkEquity acted as sole placement agent for the offering.
The securities offered and sold by Lirum in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the "SEC") or an applicable exemption from such registration requirements.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The shares of common stock will not be registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state laws.