Elicio Therapeutics (ELTX), a clinical-stage biotechnology company, announced on Thursday that it has entered into definitive agreements with institutional investors to raise $10.0 million through a registered direct offering.
The company will sell 1.26 million shares of its common stock at a price of $7.925 per share, along with accompanying warrants to purchase the same number of shares at an exercise price of $7.80 per share.
The offering, which is priced at-the-market under Nasdaq rules, is expected to close on or about January 30, 2025, subject to customary closing conditions.
Elicio plans to use the net proceeds from the offering for working capital and general corporate purposes.
The company is advancing its novel immunotherapies, including the ELI-002 personalized cancer vaccine targeting KRAS mutations in pancreatic cancer, as well as other off-the-shelf cancer vaccines.
Elicio continues to build on recent clinical successes and aims to expand its pipeline with the goal of developing durable cancer immunotherapies.
Currently, ELTX is trading at $8.60 down by 10.79%.
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Business News
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