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Cancer biotech Elicio Therapeutics withdraws $40 million IPO

September 13, 2022
ELTX

Elicio Therapeutics, a Phase 1/2 biotech developing novel immunotherapies for cancer, withdrew its plans for an initial public offering on Tuesday. It had filed in June 2021, setting terms the following July to raise $40 million by offering 3.1 million shares at a price range of $12 to $14.

Elicio's lead candidate, ELI-002, is being developed to treat cancers driven by KRAS, a mutation found in approximately 25% of tumors. At the time of its last filing, the company was conducting a Phase 1/2 trial of ELI-002 and anticipated initial safety, dose escalation, and correlative biomarker data in the 1H22.

The Cambridge, MA-based company was founded in 2011 and had planned to list on the Nasdaq under the symbol ELTX. BTIG and Oppenheimer & Co. were set to be the joint bookrunners on the deal.