Eliem Therapeutics’ NASDAQ IPO raises $92 million

Less than six months after emerging from stealth, Cambridge UK and Seattle-based BioMedTech business Eliem Therapeutics, Inc has raised $92 million through an oversubscribed NASDAQ IPO.

The jet-heeled company only last month filed for an $80m New York bow so has rocketed past its target; then it has a track record in its short but sweet life of blitzing expectations – financially and through its technology.

It was only in May that Eliem raised a $60m Series B to take its fundraising haul to $140m.

Eliem is a clinical-stage biotechnology company focused on developing novel therapies for neuronal excitability disorders to address unmet needs in disorders of the peripheral and central nervous systems.

Eliem is in the process of advancing its two lead clinical-stage product candidates, ETX-810 and ETX-155, through topline data across four different indications in patients with chronic pain, depressive disorders and epilepsy – as well as to advance its two preclinical-stage programs to selection of clinical development candidates.

President and CEO Bob Azelby said: “Our mission is to develop life-changing therapies for debilitating neuronal excitability disorders. These disorders impact tens of millions of people worldwide and represent large commercial market opportunities.”

Eliem is currently evaluating ETX-810, an investigational novel prodrug of the bioactive lipid palmitoylethanolamide, in two Phase 2a clinical trials in patients with diabetic peripheral neuropathic pain and lumbosacral radicular pain, with topline data expected in the first half of 2022.

For its second lead product candidate, ETX-155, an investigational novel GABAA receptor positive allosteric modulator, Eliem plans to initiate two Phase 2a clinical trials in patients with major depressive disorder and hormone-related depressive disorders.

These trials are expected to report topline data in the second half of 2022 and the first half of 2023, respectively. In addition, for ETX-155, Eliem intends to initiate a Phase 1b clinical trial in patients with photosensitive epilepsy, that is expected to report topline data by the first half of 2022. 

Eliem is also progressing two preclinical programs currently in the advanced discovery stage: a novel Kv7.2/3 potassium channel opener for the potential treatment of pain and epilepsy, and a novel 2,3-benzodiazepine anxiolytic for the potential treatment of generalised anxiety disorder and depression.

Eliem is founded and led by a team of seasoned industry executives who collectively bring decades of clinical development and biopharmaceutical commercialisation experience to the company.

The team not only shares an unparalleled determination and passion to help patients, but also has a history of working together to successfully build companies and bring novel and effective therapies to market. 

Eliem is also advised by a board with considerable neurology research and development experience and a strong track record of building successful companies.