Eleison Pharmaceuticals, a Phase 3 biotech developing in-licensed therapies for cancer, withdrew its plans for an initial public offering on Thursday. It originally filed in January 2022 with a proposed deal size of $42 million. The company had not updated its prospectus since last September.
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.
The Princeton, NJ-based company was founded in 2009 and had planned to list on the Nasdaq under the symbol ELSN. ThinkEquity was set to be the sole bookrunner on the deal.
