The notes are structured to convert into equity as part of the company's series B financing.
Proceeds from this convertible note financing will support continued clinical development of the company's lead asset, LB-102.
A PET imaging study is planned for later this year and a First-in-Patient Phase 2 clinical trial evaluating the effectiveness of LB-102 in treating the symptoms of schizophrenia is planned for mid-2021.
LB-102, or N-methyl amisulpride, is a patented benzamide designed to be an improved version of amisulpride, a dopamine/5-HT7 antagonist successfully used to treat schizophrenia in Europe for decades.
LB-102 was designed to improve on amisulpride's low permeability across the blood brain barrier. LB-102 has the potential to offer schizophrenia patients the benefits of amisulpride at a lower dose than amisulpride.
A first-in-patient, placebo-controlled, Phase 2 study designed to test the safety and efficacy of LB-102 in the treatment of schizophrenia is planned for mid-2021.
LB is a clinical stage CNS-focused life science company devoted to commercialising novel and improved versions of successful CNS treatments used extensively overseas but never approved in the United States. LB-102, or N-methyl amisulpride, is the company's lead clinical asset.
LB was founded in 2015 and is based in New York City.
GSK announces positive EAGLE-1 results for gepotidacin in gonorrhoea treatment
Boehringer Ingelheim reports strong growth in 2023 and accelerates late-stage pipeline
Charles River Laboratories launches AMAP to reduce animal testing reliance
PureTech completes enrollment in Phase 2b ELEVATE IPF trial for LYT-100
Cybin secures additional US patent for CYB003 breakthrough therapy programme
GSK's meningitis vaccine candidate accepted for FDA review
Innovent Biologics names new Oncology CMO
UroGen's UGN-103 IND accepted by FDA for bladder cancer treatment
Biophytis reinforces obesity IP with new patent application
MaaT Pharma reveals positive 18-month data for MaaT013 in GI-aGvHD
Fusion Antibodies plc secures contract for OptiPhage library development
Innate Pharma advances Sanofi-developed NK cell engager to Phase 2 for blood cancer patients
AbbVie announces interim evaluation of Atogepant Phase three, open-label 156-week extension study