On June 1, 2023 Elicio Therapeutics (Nasdaq: ELTX), a clinical-stage biotechnology company developing a pipeline of novel immunotherapies for the treatment of cancer, reported the closing of its previously announced merger with Angion Biomedica Corp (Press release, Elicio Therapeutics, JUN 1, 2023, View Source [SID1234632339]). The combined company will operate under the name Elicio Therapeutics, and its shares will commence trading on a 1-10 reverse split adjusted basis on June 2, 2023, on the Nasdaq Global Market under the ticker symbol "ELTX".
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"Joining the Nasdaq stock exchange through the reverse merger with Angion marks a significant milestone in Elicio’s growth. We remain on track as we advance our proprietary lymph node-targeting Amphiphile (AMP) technology to develop cancer immunotherapies," said Robert Connelly, Chief Executive Officer of Elicio. "Looking to the future, our focus is on developing ELI-002 as a treatment for mutant KRAS (mKRAS)-driven cancers. We are conducting clinical studies evaluating the 2-peptide and 7-peptide formulations of ELI-002 and are encouraged by the interim data that will be presented at ASCO (Free ASCO Whitepaper), supporting ELI-002’s potential clinical utility in patients with high relapse risk pancreatic and colorectal cancers."
Elicio will focus on the advancement of its clinical development program, ELI-002, a therapeutic cancer vaccine designed with Elicio’s proprietary lymph node-targeting AMP technology. ELI-002 is being evaluated in the AMPLIFY-201 Phase 1 trial (NCT04853017) and a Phase 1/2 study AMPLIFY-7P (NCT05726864) in patients with mKRAS-driven solid tumors.
The management team of Elicio has become the management team of the combined company, led by Robert Connelly as Chief Executive Officer. The board of directors is comprised of nine directors including Mr. Connelly and Angion’s former President and Chief Executive Officer, Jay Venkatesan, MD, MBA. Following the reverse stock split and closing of the merger, there will be approximately 9.7 million shares of the combined company’s common stock outstanding on a fully-diluted basis, with prior Elicio shareholders owning approximately 65.2% and prior Angion shareholders owning 34.8%.
Oppenheimer & Co., Inc served as financial advisor and Cooley LLP provided legal counsel to Angion. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. and Goulston & Storrs PC provided legal counsel to Elicio.