** 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))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.