Lirum Therapeutics (LRTX) to Raise $25 Million in IPO

Lirum Therapeutics (LRTX) expects to raise $25 million in an initial public offering (IPO) on the week of July 15th, IPO Scoop reports. The company plans to issue 5,000,000 shares at a price of $5.00 per share.

The company has a market-cap of $102 million.

ThinkEquity served as the underwriter for the IPO.

Lirum Therapeutics provided the following description of their company for its IPO: “We are an innovative, clinical-stage biopharmaceutical company focused on the treatment of debilitating diseases through the acquisition, development, and commercialization of novel drug candidates with compelling mechanisms of action, regulatory pathways, and commercial opportunities. (Incorporated in Delaware)  Our lead product candidate, LX-101, is a novel, clinical-stage, next generation, targeted therapy directed to the insulin-like growth factor-1 (“IGF-1”) receptor (“IGF-1R”) with a differentiated payload-bearing mechanism of action. The IGF-1/IGF-1R pathway has been implicated in a host of malignancies and autoimmune diseases and we believe represents a scientifically and medically rational target with a multi-billion-dollar market opportunity. The IGF-1R target has been commercially validated, as Tepezza® (teprotumumab), an IGF-1R-directed, naked, non-payload-bearing, monoclonal antibody developed by one of our competitors, generated $1.97 billion in revenue in 2022. This was Tepezza’s third year on the market, and is approved in just one indication, an autoimmune condition known as thyroid eye disease (“TED”). LX-101, formerly named 765IGF-MTX, a drug candidate for which Lirum has acquired a license, has been clinically evaluated by the licensor in Phase 1a trials of patients with advanced, pretreated cancer, where it was found to be well-tolerated and demonstrated single agent activity. We are developing LX-101 in certain oncology and autoimmune indications, including TED, and we are seeking to establish LX-101 as the standard of care for treating these diseases. (Note: Lirum Therapeutics, Inc. increased its IPO’s size to 5.0 million shares – up from 2.27 million shares initially – and cut the assumed IPO price to $5.00 – down from an initial price range of $10.00 to $12.00 – to raise $25.0 million – roughly the same amount as under its original terms, according to an S-1/A filing dated June 28, 2024. Background: Lirum Therapeutics filed its S-1 to go public in March 2024.) “.

Lirum Therapeutics was founded in 2021 and has 3 employees. The company is located at 590 Madison Ave, 21st Floor New York, NY, 10022 and can be reached via phone at (646) 964-1402 or on the web at http://www.lirumtx.com/.

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