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BOSTON - Elicio Therapeutics, Inc. (NASDAQ:ELTX), a biotech firm focused on cancer immunotherapies with a market capitalization of $138.67 million, announced today the appointment of Preetam Shah, Ph.D., MBA, as its Chief Strategy and Financial Officer. Dr. Shah’s extensive experience in biotechnology finance and strategy is expected to be a significant asset to Elicio as the company progresses through clinical development.
Dr. Shah’s appointment comes at a pivotal time for Elicio as it conducts interim analysis for its Phase 2 AMPLIFY-7P study of ELI-002, an immunotherapy candidate aimed at treating mKRAS-positive pancreatic cancer. According to InvestingPro data, the company’s stock has shown remarkable momentum, delivering an 85% return over the past six months and a 71% gain year-to-date. With a background that includes roles as CFO and in business development at several publicly traded biotech companies, Dr. Shah is well-positioned to guide Elicio’s financial and corporate strategy.
Elicio’s President and CEO, Robert Connelly, Ph.D., expressed confidence in Dr. Shah’s ability to contribute to the company’s goals, citing the potential of ELI-002 and the company’s proprietary Amphiphile platform. InvestingPro analysis reveals the company maintains a healthy liquidity position with a current ratio of 3.4, though it faces challenges with cash burn and profitability. For deeper insights into Elicio’s financial health and 8 additional ProTips, consider exploring InvestingPro’s comprehensive analysis tools. Dr. Shah also commented on his commitment to aligning financial strategies with the company’s mission to deliver advanced cancer treatments to patients.
Prior to joining Elicio, Dr. Shah served as CFO and Chief Business Officer at Cidara Therapeutics and held executive roles at Brainstorm Cell Therapeutics. His career also includes tenure as an investment banker and as a founder of a healthcare consulting firm, Saisarva LLC.
Elicio’s ELI-002 is a novel AMP cancer vaccine targeting KRAS mutations present in approximately 25% of all solid tumors. The company’s proprietary AMP technology is designed to enhance the immune response by delivering therapeutics directly to the lymph nodes. With earnings scheduled for March 28, investors can access detailed financial forecasts and analyst recommendations through InvestingPro’s advanced analytics platform.
This announcement is based on a press release statement and provides an overview of the recent executive change at Elicio Therapeutics. The company continues to advance its pipeline of cancer vaccines, with a focus on bringing innovative treatments to market.
In other recent news, Elicio Therapeutics has announced a registered direct offering, securing approximately $10 million. The offering involves the sale of over 1.26 million shares and accompanying warrants, with shares priced at $7.925 and warrants exercisable at $7.80. H.C. Wainwright & Co. acted as the exclusive placement agent for this transaction. The funds raised are intended for working capital and general corporate purposes. This development follows an effective shelf registration statement filed with the SEC earlier this year. Elicio Therapeutics is advancing its lead program, ELI-002, targeting mKRAS-positive pancreatic and colorectal cancers. The company is using its proprietary Amphiphile technology to enhance cancer-specific T cell responses. These recent developments are part of Elicio’s ongoing efforts to develop and commercialize its product candidates.
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