LB Pharmaceuticals Inc. has announced the issuance of pre-funded warrants to purchase up to 1,417,107 shares of its common stock as part of a private placement. The pre-funded warrants were offered alongside 3,306,571 shares of common stock to select institutional investors. The purchase price for each pre-funded warrant is $21.1699, reflecting the per share purchase price for common stock less the $0.0001 per share exercise price. This private placement is expected to raise approximately $100 million in gross proceeds, with the funds intended to support a Phase 2 trial for LB-102 as an adjunctive treatment for major depressive disorder and for general corporate purposes.

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