OREANDA-NEWS. Lithera, Inc. (“Lithera” or “the Company”), a clinical stage pharmaceutical company focused on aesthetic and medical indications, today announced that it has completed a second closing of its Series C preferred stock equity financing, securing an additional USD 6.7 million in equity capital and bringing the total capital raised in this round to USD 27.3 million. This tranche was led by existing investor RusnanoMedInvest (“RMI,” a subsidiary of RUSNANO), and includes new investors Mirae Asset Venture Investment (“MAVI”), a venture capital arm of Mirae Asset Financial Group (“Mirae Asset,” one of the leading financial groups in Korea), and Andrea Holdings International Ltd. Additional undisclosed investors also participated in the financing.

Lithera expects to use the proceeds for general corporate and working capital purposes, primarily to support clinical, regulatory, and manufacturing efforts to advance the Company’s lead product candidate, LIPO-202 (Salmeterol Xinafoate for Injection), a novel, physician-administered, injectable pharmaceutical product designed to produce localized non-ablative reduction of subcutaneous abdominal fat.

“Securing this additional financing from high-quality new and existing investors demonstrates confidence in LIPO-202 ahead of our Phase 2 RESET Trial data readout later this summer,” said George Mahaffey, President and CEO of Lithera. “We believe the abdominal body contouring market can be greatly expanded with LIPO-202. Physicians and patients desire an injectable product that is safely and quickly administered, provides rapid results, and has minimal impact on lifestyle.”

Roberts Mitani, LLC served as advisor to Lithera in connection to the financing.