** Shares of Larimar Therapeutics LRMR.O down 10.8% in extended trading to $3.15 as co seeks equity raise
** Bala Cynwyd, Pennsylvania-based biotech commences offering of stock and pre-funded warrants
** It plans to use net offering proceeds to support development of its lead compound, nomlabofusp, and other pipeline candidates, and for working capital and general purposes, including R&D, among other purposes
** Nomlabofusp is co's potential treatment for Friedreich’s ataxia, a rare, degenerative disease that damages the nervous system, primarily affecting the spinal cord and nerves that control muscle movement in the arms and legs
** Leerink Partners and Guggenheim are jt bookrunners for the offering
** Co has ~64 mln shares outstanding giving it roughly $225 mln market cap
** LRMR shares on Tues closed down 3% at $3.53. Stock has gained 22% in Jul, leaving them down ~9% YTD
** All 12 analysts are bullish on LRMR and median PT is $18, LSEG data reflects
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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