Elicio expects to use net proceeds from the offering to fund the planned Phase 1 clinical development of ELI-002 7P in metastatic PDAC.
The offering is expected to conclude on or before July 6.
On June 15, the company reported a mid-stage study of its experimental drug ELI-002 7P that had failed to meet its primary goal.
Shares of Elicio Therapeutics (ELTX) plunged over 24% premarket on Thursday after the clinical-stage biotech announced a $15 million registered direct offering. The financing comes less than three weeks after the company's lead pancreatic cancer candidate failed to meet the primary endpoint in a mid-stage study.
Elicio Prices $15M Registered Direct Offering
Elicio expects to generate net proceeds of about $15 million, before deducting offering expenses and agent fees. The offering is expected to conclude on or before July 6.
The company said it had entered into a securities purchase agreement with two institutional investors to sell more than 4.3 million shares.
Proceeds Will Fund Lead Pancreatic Cancer Program
The company said it expects to use net proceeds, together with its existing cash reserves and marketable securities, to fund the planned Phase 1 clinical development of ELI-002 7P in metastatic PDAC, the company's pipeline and platform, and general administrative purposes and working capital.
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