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MapLight Therapeutics Launching $150 Million Private Placement Financing

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MapLight Therapeutics (MPLT) said Thursday it has signed an agreement with investors to sell securities in a private placement financing, for gross proceeds of about $150 million.

The company said it is selling nearly 9.2 million shares at $11.38 per share and, in lieu of shares to some investors, pre-funded warrants to buy up to nearly 4 million shares at $11.3799 per pre-funded warrant.

The PIPE financing is expected to close on Friday, the company said.

MapLight said it will use proceeds from the financing mainly to back the advancement of ML-007C-MA, including funding a phase 2 trial in Alzheimer's disease psychosis, and a phase 3 trial in schizophrenia, as well as for working capital and general corporate purposes.

The company said its cash, cash equivalents and investments were $351.3 million as of June 30, which, together with the net proceeds from the PIPE financing, will be enough to fund the advancement of ML-007C-MA through 2028.

MapLight shares were up past 4% in early trading.

Price: $11.90, Change: $+0.51, Percent Change: +4.53%

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