MapLight Raises $150M PIPE to Fund Schizophrenia and Alzheimer's Trials
MPLT sits 28% above its 52-week low of $9.1.
Summary
MapLight Therapeutics announced a $150 million private placement, selling 9.2 million shares at $11.38 and 4 million pre-funded warrants at $11.3799. The financing is led by new and existing institutional investors and is expected to close August 14. Proceeds will fund the VISTA Phase 2 study in Alzheimer's disease psychosis and the ZEPHYR-2 registrational Phase 3 trial in schizophrenia, plus working capital. The company had $351.3 million in cash as of June 30 and now expects runway through 2028. This follows positive Phase 2 ZEPHYR results for ML-007C-MA in schizophrenia reported July 27, and a $15.3 million insider purchase by Catalyst4 in late July. The offering price is a modest discount to the current $11.68 market price, indicating strong institutional demand. The financing removes near-term dilution overhang and funds a clear path to an NDA submission.
At the time of this announcement, MPLT was trading at $11.68 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $485M. The 52-week trading range was $9.10 to $40.43. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.