Lirum Therapeutics Announces Closing of $7 Million Private Placement of Common Stock
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) — Lirum Therapeutics, Inc. (the “Company” or “Lirum”), an innovative clinical-stage biopharmaceutical company focused on the treatment of debilitating diseases, today announced that it has closed a private placement, which resulted in gross proceeds to Lirum of over $7 million, before deducting offering expenses. 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.
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.
About Lirum Therapeutics, Inc.
Lirum is 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. Lirum’s lead candidate, LX-101, is a novel targeted therapy directed to the IGF-1 receptor with a differentiated mechanism of action. Lirum is developing LX-101 in oncology and autoimmune indications, including thyroid eye disease (TED). For more information on Lirum, please visit www.lirumtx.com.
Forward Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “target,” “believe,” “expect,” “will,” “may,” “anticipate,” “estimate,” “would,” “positioned,” “future,” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Examples of forward-looking statements include, among others, statements made in this press release regarding the use of proceeds from the private placement. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on Lirum’s current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Actual results and outcomes may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results and outcomes to differ materially from those indicated in the forward-looking statements include, among others, the following: (1) legal claims or proceedings, if any, relating to the private placement and costs relating thereto; (2) changes in applicable laws or regulations; (3) the possibility that Lirum may be adversely affected by other economic, business, and/or competitive factors; (4) the impact of COVID-19 on Lirum’s business; (5) other risks and uncertainties indicated from time to time; and (6) the ability of Lirum to successfully develop its product candidates. Some of these risks and uncertainties may in the future be amplified by the COVID-19 outbreak and there may be additional risks that Lirum considers immaterial or which are unknown. Any forward-looking statement made by us in this press release is based only on information currently available to Lirum and speaks only as of the date on which it is made. Lirum undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law. Also, the information found on our website is not incorporated by reference into this press release and is included for reference purposes only.
Phone: (646) 389-6015
Lirum Therapeutics, Inc.
590 Madison Avenue 21st Floor
New York, NY 10022