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Eliem Therapeutics, now Climb Bio, reports biotechnology developments tied to its transition into a development-stage immunology company. The company’s updates center on treatments for immune-mediated diseases, including budoprutug, an anti-CD19 monoclonal antibody being developed for B-cell mediated conditions such as systemic lupus erythematosus, immune thrombocytopenia and membranous nephropathy.
Recurring announcements cover financial results, business updates following the Tenet Medicines acquisition, pipeline-expansion strategy, clinical-development planning, leadership and governance changes, shareholder voting matters, and capital-structure actions. Earlier disclosures also documented the halt of the former Kv7 program and a strategic-alternatives review before the company refocused around immunology.
Eliem Therapeutics reported key business developments and financial results for Q2 2021. The company successfully completed its IPO, raising $92 million in gross proceeds, enhancing its cash runway through late 2023. With cash of $99.5 million as of June 30, 2021, Eliem is advancing two Phase 2a studies for ETX-810 targeting chronic pain, and preparing to initiate trials for ETX-155 in depressive disorders and epilepsy. R&D expenses surged to $5.8 million, contributing to a net loss of $8.7 million.
Eliem Therapeutics (NASDAQ: ELYM) has successfully closed its initial public offering (IPO) of 7,360,000 shares at $12.50 per share, raising $92.0 million in gross proceeds. This includes the full exercise of underwriters' options for 960,000 additional shares. The IPO positions Eliem to advance its development of therapies for neuronal excitability disorders affecting the peripheral and central nervous systems. The offering was managed by SVB Leerink, Evercore ISI, Stifel, and Guggenheim Securities.
Eliem Therapeutics announced the pricing of its initial public offering (IPO) of 6,400,000 shares at $12.50 each, aiming to raise approximately $80 million. The offering, which includes a 30-day option for underwriters to buy an additional 960,000 shares, is set to begin trading on the Nasdaq under the ticker symbol ELYM on August 10, 2021, with closure expected on August 12, 2021, subject to customary conditions. SVB Leerink, Evercore ISI, Stifel, and Guggenheim Securities are acting as joint bookrunners for the IPO.