Syndicate backs MapLight, illuminating path forward in schizophrenia: Public Equity Report

Despite a Phase II readout that dented the central differentiation thesis of its lead schizophrenia program, MapLight has assembled a syndicate that will provide $150 million to fund continued development of the therapy in that indication as well as Alzheimer’s disease psychosis.

MapLight Therapeutics Inc. (NASDAQ:MPLT) had lost 73% of its value on July 27, after it reported that a once-daily dose of M1/M4 agonist ML-007C-MA missed the primary endpoint of the Phase II ZEPHYR trial. The treatment did show significance on the endpoint at a twice-daily dose, but investors had hoped to show greater differentiation from twice-daily drug Cobenfy xanomeline/trospium from Bristol Myers Squibb Co. (NYSE:BMY)...