U.S. stocks edge higher; solid earnings season continues
BOSTON - Elicio Therapeutics , Inc. (NASDAQ:ELTX), a clinical-stage biotech company focusing on cancer immunotherapies, has announced a registered direct offering priced at-the-market under Nasdaq rules, securing approximately $10 million. The offering includes the sale of over 1.26 million shares and equal warrants, with shares priced at $7.925 and warrants exercisable at $7.80. The closing is anticipated today, subject to customary conditions, with H.C. Wainwright & Co. as the exclusive placement agent.
The proceeds are earmarked for working capital and general corporate purposes. The offering follows an effective shelf registration statement filed with the SEC on June 3, 2024. Investors can access the prospectus supplement and accompanying prospectus on the SEC’s website or directly from H.C. Wainwright & Co.
Elicio Therapeutics is advancing novel immunotherapies, including its lead program ELI-002, an off-the-shelf vaccine candidate targeting mKRAS-positive pancreatic and colorectal cancers. The company’s proprietary Amphiphile technology is designed to enhance cancer-specific T cell education, activation, and amplification, aiming to promote durable immunosurveillance in patients.
The company’s forward-looking statements indicate plans to develop and commercialize its product candidates, with ongoing clinical trials for ELI-002. These statements are subject to risks and uncertainties, including market conditions, financial health, and the ability to secure necessary funding.
This news article is based on a press release statement from Elicio Therapeutics.
In other recent news, Elicio Therapeutics has made significant strides in cancer vaccine development. The company has completed patient enrollment for its Phase 2 study of ELI-002, a novel immunotherapy aimed at treating pancreatic cancer. Preliminary results from the company’s Phase 1 AMPLIFY-7P clinical trial have also shown promising outcomes. The data indicates a positive correlation between the vaccine-induced T cell response and disease-free survival in patients with KRAS-mutant tumors.
Elicio Therapeutics received a Buy rating from Jones Trading, emphasizing the potential of the company’s cancer vaccine candidate. In addition, the company has seen some executive changes with Robert Connelly appointed as the Principal Accounting Officer and Principal Financial (NASDAQ:PFG) Officer, following the resignation of CFO and Treasurer, Brian Piekos.
The company is also planning to raise approximately $11.5 million through an underwritten public offering. These are recent developments as Elicio Therapeutics continues its efforts to pioneer effective cancer immunotherapies.
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