Eliem Therapeutics, a Phase 2a biotech developing therapies for neuronal excitability disorders, lowered the proposed deal size for its upcoming IPO on Monday.
The Redmond, WA-based company now plans to raise $75 million by offering 6 million shares at $12.50. The company had previously filed to offer 4.5 million shares at a range of $17 to $19. At the revised deal size, Eliem Therapeutics will raise -7% less in proceeds than previously anticipated.
Eliem is focused on developing novel therapies for neuronal excitability disorders to address unmet needs in chronic pain, psychiatry, epilepsy, and other disorders of the peripheral and central nervous systems. Its two lead candidates are ETX-810, a novel palmitoylethanolamide prodrug initially being developed for diabetic peripheral neuropathic pain (DPNP) and pain associated with lumbosacral radiculopathy (LSR, or sciatica), and ETX-155, a neurosteroid GABAA receptor positive allosteric modulator (PAM) initially being developed for major depressive disorder (MDD), perimenopausal depression (PMD) and focal onset seizures (FOS). ETX-810 is being evaluated in two Phase 2a trials that are expected to report topline data in the 1H22, and the company plans to initiate two Phase 2a trials for ETX-155 in patients with MDD and PMD which are expected to report topline data in the 1H23.
Eliem Therapeutics was founded in 2018 and plans to list on the Nasdaq under the symbol ELYM. SVB Leerink, Evercore ISI, Stifel, and Guggenheim Securities are the joint bookrunners on the deal.
