MapLight Therapeutics raised $150 million in a private placement to fund ML-007C-MA, its CNS drug candidate for schizophrenia and Alzheimer's disease psychosis, extending its cash runway through 2028.
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MapLight Therapeutics raises $150 million to fund CNS drug trials
MapLight Therapeutics raised $150 million in a private placement to fund its central nervous system drug pipeline, including schizophrenia and Alzheimer's disease psychosis trials.
The clinical-stage biopharmaceutical company said the proceeds will primarily support ML-007C-MA, funding the ongoing VISTA Phase 2 study in Alzheimer's disease psychosis and the ZEPHYR-2 registrational Phase 3 study in schizophrenia, along with an associated open-label safety study.
MapLight is selling 9,197,887 shares of common stock at $11.38 each and, to certain investors, pre-funded warrants to purchase up to 3,983,168 shares at $11.3799 per warrant. Each warrant carries a $0.0001 exercise price, is immediately exercisable and does not expire. The transaction is expected to close Aug. 14, subject to customary conditions. Morgan Stanley, Jefferies, Leerink Partners and Stifel are acting as placement agents, with Cooley LLP advising MapLight and Latham & Watkins LLP advising the agents.
The company held $351.3 million in cash, cash equivalents and investments as of June 30. Combined with the new proceeds, MapLight expects to fund ML-007C-MA through 2028. Shares rose 4.75 percent to $11.92.
MapLight plans to meet with the U.S. Food and Drug Administration at an End-of-Phase 2 meeting to discuss the path forward for ML-007C-MA in schizophrenia, including a Phase 3 trial design that, together with ZEPHYR, would support a New Drug Application submission.
The securities sold in the placement have not been registered under the Securities Act of 1933. MapLight has agreed to file a registration statement with the SEC to register the resale of the shares and shares underlying the pre-funded warrants.
Founded by leaders in psychiatry and neuroscience research, MapLight builds its discovery platform around identifying neural circuits causally linked to disease and targeting those circuits for therapeutic modulation. The company says the approach fills a gap left by the lack of circuit-specific pharmacotherapies available to patients with CNS disorders.
The financing extends MapLight's runway into 2028 as it advances that pipeline. Investors will watch the FDA End-of-Phase 2 meeting for ML-007C-MA in schizophrenia, the next catalyst for the stock.
This article is for informational purposes only and does not constitute investment advice.
[1] MapLight Therapeutics Announces $150 Million Private Placement Financing[2] MapLight Therapeutics Announces $150 Million Private Placement Financing | The Manila Times[3] MapLight Therapeutics, Inc.: MapLight Therapeutics Announces $150 Million Private Placement Financing[4] MapLight Therapeutics raises $150 million in private placement By Investing.com - Investing.com UK
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