LB Pharmaceuticals raising $75M for schizophrenia drug as Karuna looks to change the field
22 Sep 2023
Drug Approval
As Karuna Therapeutics wraps up its FDA approval request for what could be the first new type of schizophrenia drug in decades, another East Coast biotech is raising $75 million to test an adjusted version of a decades-old medicine for the disorder next year.
LB Pharmaceuticals has secured about $35 million so far and expects another $40 million in the round, according to an SEC
filing
on Thursday. Per the financial document, its board includes directors associated with Vida Ventures, Pontifax, Deep Track Capital and TCGX, a crossover firm that has invested in multiple nine-figure biotech financings in recent months, including Carmot Therapeutics, Alkeus and Upstream Bio.
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