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Eledon Pharmaceuticals, Inc. announced the dosing of the first participant in a clinical trial at the University of Chicago Medicine using tegoprubart to prevent islet cell transplant rejection in type 1 diabetes patients. They also reported positive results from a Phase 1b trial for kidney transplant rejection prevention. Tegoprubart demonstrated safety and effectiveness in protecting organ function in kidney transplant patients with no cases of graft loss or death. The company plans to present the data at the American Transplant Congress. Eledon is conducting multiple trials to evaluate tegoprubart for preventing organ rejection in kidney transplant recipients, showcasing its potential as a promising treatment option.
Eledon Pharmaceuticals announced an oversubscribed $50 million private placement deal with institutional investors, including BVF Partners LP. The financing involves the sale of common stock and pre-funded warrants at specific prices. The net proceeds will be used for pre-commercial activities and general corporate purposes, including the clinical development of its lead product tegoprubart.
