MapLight Therapeutics, a Phase 2 biotech developing therapies for neuropsychiatric and CNS disorders, raised $251 million by offering 14.8 million shares at $17. Cornerstone investor T. Rowe Price had indicated on $40 million worth of shares in the offering (16% of the deal), and the company raised an additional $8 million in a concurrent private placement to Goldman Sachs. At pricing, the company commands a fully diluted market value of $820 million.
MapLight's lead candidate, ML-007C-MA, is a fixed-dose combination of an M1/M4 muscarinic agonist co-formulated with a peripherally acting anticholinergic initially being developed for the treatment of schizophrenia and Alzheimer's disease psychosis (ADP). The company is currently conducting two Phase 2 trials of ML-007C-MA: one for the treatment of schizophrenia, with topline results expected in the 2H26; and one for the treatment of ADP, with topline results expected in the 2H27.
MapLight Therapeutics plans to list on the Nasdaq under the symbol MPLT. Morgan Stanley, Jefferies, Leerink Partners, and Stifel acted as joint bookrunners on the deal.
