9 august biotech company Eliem Therapeutics, developing drugs for the treatment of disorders of nervous excitability in phase 2a research, announced a reduction in the size of the upcoming IPO.
Now the company is headquartered in Redmond, Washington State, plans to attract 75 million dollars, releasing 6 million shares in 12,50 Dollars. The company had previously applied for the issue of 4,5 million shares at a price from 17 to 19 Dollars. Given the revised deal size, Eliem Therapeutics will attract 7% less funds, than planned.
Eliem specializes in the development of new drugs for the treatment of nervous excitability in chronic pain, mental illness, epilepsy and other disorders of the peripheral and central nervous systems. The company's two leading drug candidates include ETX-810, a new prodrug, originally developed for the treatment of diabetic peripheral neuropathy (DPNP) and pain, associated with lumbosacral radiculopathy (LSR or sciatica), and ETX-155 - originally developed for the treatment of major depressive disorder (MDD), perimenopausal depression (PMD) and seizures with focal debut (FOS). ETX-810 passes two tests in phase 2a, results are expected in 1 Half 2022 of the year. The company also plans to begin two phase 2a trials of ETX-155 in patients with MDD and PMD., results are expected in 1 Half 2023 of the year.
Eliem Therapeutics was founded in 2018 year and plans to list on the stock exchange Nasdaq under the ticker ELYM. SVB Leerink became the joint organizers of the share issue, Evercore ISI, Stifel и Guggenheim Securities.
