Eleison Pharmaceuticals, a Phase 3 biotech developing in-licensed therapies for cancer, filed on Monday with the SEC to raise up to $42 million in an initial public offering.
Eleison's lead program, glufosfamide, was licensed from Threshold Pharmaceuticals in 2009 and is being developed for pancreatic cancer. Glufosfamide is currently in an ongoing pivotal Phase 3 trial, which is expected to be completed in 2023, and the company plans to file an NDA in 2024. Eleison's second program, ILC, was licensed from Insmed in 2011 and is in development for small cell lung cancer and pediatric bone cancer, with a Phase 3 trial for lung cancer and a potentially pivotal Phase 2/3 trial for osteosarcoma expected to commence in 2022 and 2023, respectively.
The Princeton, NJ-based company was founded in 2009 and booked $1 million in licensing revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol ELSN. ThinkEquity is the sole bookrunner on the deal. No pricing terms were disclosed.
