Welcome to our dedicated page for Eliem Therapeutics news (Ticker: ELYM), a resource for investors and traders seeking the latest updates and insights on Eliem Therapeutics stock.
Eliem Therapeutics, Inc. (NASDAQ: ELYM) is a clinical-stage biotechnology company focused on developing innovative therapies for neuronal excitability disorders, including chronic pain, depression, epilepsy, and anxiety. Headquartered in Seattle with significant R&D operations in Cambridge, UK, Eliem is dedicated to improving patients' quality of life by delivering potentially best-in-class drug candidates. The company's flagship product candidate, ETX-155, is in development for major depressive disorder (MDD) and focal onset seizures (FOS).
Founded on a mission to empower patients to live on their own terms, Eliem Therapeutics leverages its extensive experience and passion in the biotechnology field to address unmet medical needs. The company is motivated by the promise of helping patients lead happier, more fulfilling lives.
Recent achievements include the evaluation of strategic alternatives that may involve acquisitions, mergers, business combinations, or other transactions. As of June 30, 2023, Eliem reported approximately $102.6 million in cash, cash equivalents, and investments in marketable securities, underscoring a strong financial position to support ongoing and future projects.
Eliem's research and development primarily focus on conditions that cause significant suffering to millions of people every day. By developing novel therapies, the company aims to offer new hope to those affected by neuronal excitability disorders. Eliem's commitment extends to staying transparent with its community through regular updates and adherence to community guidelines.
For more information or to engage with the community, please visit the company's community engagement page.
Eliem Therapeutics announced its rebranding to Climb Bio, Inc., reflecting its new focus on developing treatments for immune-mediated diseases. The company will begin trading under the new ticker symbol 'CLYM' on Nasdaq effective October 3, 2024. This change follows the acquisition of Tenet Medicines, Inc.
Climb Bio's lead product candidate, budoprutug (formerly TNT119), is an anti-CD19 monoclonal antibody designed to deplete CD19-positive B cells. It shows potential in treating systemic lupus erythematosus, immune thrombocytopenia, and membranous nephropathy. In a Phase 1b trial for membranous nephropathy, 60% of patients achieved complete remission of proteinuria after four doses.
The company has updated its logo and website to reflect its new strategy. The CUSIP number for Climb Bio's common stock remains unchanged.
Eliem Therapeutics (Nasdaq: ELYM) has announced its participation in the Stifel 2024 Virtual Immunology and Inflammation Summit, scheduled for September 17-18, 2024. The company's management team will be available for one-on-one meetings on Wednesday, September 18, 2024.
Eliem Therapeutics is a biopharmaceutical company focused on developing treatments for autoimmune-driven inflammatory diseases. Their lead candidate, budoprutug, is an anti-CD19 antibody designed to address a range of autoimmune conditions, including:
- Systemic lupus erythematosus
- Lupus nephritis
- Immune thrombocytopenia
- Membranous nephropathy
Investors interested in more information can contact Chris Brinzey at ICR Westwicke.
Eliem Therapeutics (Nasdaq: ELYM) has announced two key additions to its leadership team. Brett Kaplan, M.D., has been appointed as Chief Operating Officer, bringing over 20 years of finance and operations leadership in biotechnology and investment banking. Nishi Rampal, M.D., joins as Senior Vice President of Clinical Development, with extensive experience in rare disease drug development.
These appointments come as Eliem transitions into a leading biotechnology company following its acquisition of Tenet Medicines. The company is focusing on developing therapeutics for autoimmune-driven inflammatory diseases, with its lead asset, budoprutug (previously TNT119), an anti-CD19 antibody with potential applications across various autoimmune diseases.
Dr. Kaplan and Dr. Rampal's expertise is expected to strengthen Eliem's management team and advance its pipeline, particularly in key focus areas of autoimmune diseases where current treatments are suboptimal.
Eliem Therapeutics (NASDAQ: ELYM) reported Q2 2024 financial results and provided a business update. Key highlights include:
- Completed acquisition of Tenet Medicines and a concurrent $120 million private placement
- Cash position of $223.1 million as of June 30, 2024, expected to fund operations into 2027
- Shifted focus to developing therapeutics for autoimmune-driven inflammatory diseases
- Lead product candidate budoprutug, an anti-CD19 antibody, to be developed for various immune-mediated diseases
- Appointed new CEO Aoife Brennan and Senior Clinical Advisor Jan Hillson
- Added to Russell 2000® and Russell 3000® Indexes
- Plans to host an Investor Day later in 2024
Financial results show a net loss of $54.9 million for Q2 2024, compared to $5.2 million in Q2 2023, primarily due to acquired in-process R&D expenses of $51.7 million from the Tenet Medicines acquisition.
Eliem Therapeutics (Nasdaq: ELYM) announced its inclusion in the Russell 2000® and Russell 3000® Indexes, effective June 28, 2024. This milestone marks a significant achievement as these indexes are key benchmarks for small-cap stocks. Dr. Aoife Brennan, CEO of Eliem, highlighted the importance of this inclusion, emphasizing their commitment to developing TNT119, a CD19-targeted antibody with enhanced effector function aimed at treating various autoimmune diseases. Membership in the Russell indexes aligns Eliem with the 3,000 largest U.S.-traded stocks, providing enhanced visibility among investors and institutional managers. As of May 2024, around $9.1 trillion in assets are benchmarked against Russell’s U.S. indexes.
Eliem Therapeutics has completed its acquisition of Tenet Medicines and a concurrent $120 million private placement. The company plans to advance TNT119, an anti-CD19 antibody aimed at treating various autoimmune diseases, including systemic lupus erythematosus, immune thrombocytopenia, and membranous nephropathy. With the acquisition, Eliem's cash and cash equivalents total approximately $220 million, expected to fund operations into 2027. Significant leadership changes accompany the acquisition, with Dr. Aoife Brennan appointed as CEO and Dr. Jan Hillson as Senior Clinical Advisor. Eliem aims to initiate Phase 2 clinical trials for TNT119 later this year, leveraging its robust financial position to achieve key clinical and developmental milestones.
Eliem Therapeutics reported a business update and financial results for 2022, focusing on advancing its Kv7.2/3 program with lead candidate ETX-123. The company implemented a corporate reorganization to prioritize this high-potential program and extended its cash runway into 2027. Notably, Eliem paused the development of ETX-155 for major depressive disorder. As of December 31, 2022, cash and equivalents were $123.6 million, down from $161.4 million YOY. R&D expenses increased to $26.2 million, while G&A expenses reached $18.9 million. The net loss was $45.2 million for 2022, a slight decrease from 2021's loss. Initial preclinical data for ETX-123 will be shown at an upcoming symposium.
FAQ
What is the current stock price of Eliem Therapeutics (ELYM)?
What is the market cap of Eliem Therapeutics (ELYM)?
What does Eliem Therapeutics, Inc. do?
Where is Eliem Therapeutics located?
What is Eliem Therapeutics' main product candidate?
What recent financial updates has Eliem Therapeutics provided?
What strategic alternatives is Eliem Therapeutics exploring?
What motivates the Eliem Therapeutics team?
Is Eliem Therapeutics a publicly traded company?
What disorders are targeted by Eliem's therapies?
How can I learn more about Eliem Therapeutics' community guidelines?
Who can I contact for investor-related questions?
