Eliem Therapeutics Joined the ranks of listed companies in Washington State, priced 6.4 million shares at US$12.50 and raised US$80 million. It initially planned to sell 4.5 million shares for $17 to $19.
Eliem will be traded on Nasdaq under the ticker symbol ELYM.
This Redmond, Washington-based start-up company was founded nearly three years ago and was led by a former Juno Therapeutics executive Bob Azabi — It is the latest biotechnology company to go public in Washington State. In the past 12 months, eight other biotech companies in the state have set prices for IPOs or went public through SPACs.
Eliem is still in the early stages of development, targeting its technology in areas such as chronic pain, psychiatry, epilepsy and other diseases related to the central nervous system.
It has not yet generated any product revenue and has accumulated losses of US$46.7 million as of March 31.
This is not uncommon for biotech companies, some of which take 10 years or more to develop a marketable drug.
Even so, Elim is still a small person. At the end of last year, it only hired 9 employees and reported no physical office space. The company raised two rounds of venture capital earlier this year, totaling $140 million, including $60 million in May.
The foundation of the company’s technology comes from two acquisitions. In February 2019, Eliem acquired NeoKera and eight months later acquired Athenen Therapeutics. Its main drug candidate is being developed for the treatment of diabetic peripheral neuropathic pain and pain associated with sciatica. Other drugs under development include potential treatments for major depression, perimenopausal depression, and focal seizures (the most common type of seizures in patients with epilepsy).
The company wrote: “Our product candidates focus on solving neuronal excitability disorders in large, well-defined markets where clinical and regulatory endpoints have been clearly established, and there are precedents for development pathways, but the current The therapy poses challenges to patients in terms of efficacy, safety or tolerability,” the company wrote. In its SEC filing.