New York-based LB Pharmaceuticals Inc (Nasdaq: LBRX) has announced a USD 150 million private placement, with the proceeds earmarked primarily to expand its lead asset, LB-102, into two additional neuropsychiatric indications — negative symptoms of schizophrenia and Alzheimer's disease agitation and psychosis — alongside general working capital. The raise arrives as the company's pivotal Phase III schizophrenia trial approaches a topline readout.
The placement comprised 3.58 million common shares and pre-funded warrants covering up to 715,513 additional shares at USD 34.94 each. Participants included Adage Capital Partners, BB Biotech, Commodore Capital, Farallon Capital Management, Janus Henderson Investors and several other institutional investors. Leerink Partners and Piper Sandler acted as placement agents. The transaction follows a USD 100 million private placement completed in February 2026, itself coming after a USD 327.8 million IPO on Nasdaq in September 2025.
LB-102 is a once-daily, oral small molecule and methylated derivative of amisulpride — a benzamide antipsychotic with extensive real-world use outside the US but never approved domestically. The modification is designed to preserve receptor selectivity while improving pharmacokinetics. Phase II data published in JAMA Psychiatry demonstrated statistically significant benefit versus placebo at all doses studied, with low rates of extrapyramidal symptoms, minimal sedation, and observed effects on negative symptoms and cognition.