LB Pharmaceuticals closes $75M Series C as it begins PhII schizophrenia trial

LB Phar­ma­ceu­ti­cals, a schiz­o­phre­nia biotech de­vel­op­ing a new ver­sion of a decades-old med­i­cine, has closed a $75 mil­lion Se­ries C raise and it be­gan a Phase II tri­al last month, a source fa­mil­iar with the com­pa­ny con­firmed to End­points News.

The New York City biotech has raised a to­tal of about $122 mil­lion since it was formed, per the source. The com­pa­ny had raised about $35 mil­lion last sum­mer and reached its ul­ti­mate $75 mil­lion Se­ries C tar­get this month.

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