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Novus Therapeutics, Inc. announced a name change to Eledon Pharmaceuticals, effective January 5, 2021, alongside a new ticker symbol 'ELDN'. The company has secured over $108 million in financing to support up to four Phase 2 clinical trials for its lead candidate, AT-1501, an anti-CD40L monoclonal antibody aimed at autoimmune diseases and organ transplantation. Eledon has initiated Phase 2 trials for AT-1501 in ALS and islet cell transplantation for type 1 diabetes, with additional trials anticipated in 2021.
Novus Therapeutics (NASDAQ: NVUS) announced the approval of a proposal allowing the conversion of Series X¹ non-voting convertible preferred stock into common shares during a special meeting of stockholders on December 19, 2020. This step simplifies the company’s capital structure and is effective as of December 22, 2020. Additionally, stockholders approved Novus’ 2020 incentive plan and a bylaw amendment for virtual meeting participation. The company will file full voting results and details regarding its capitalization structure in a form 8-K with the SEC.
Novus Therapeutics (NASDAQ: NVUS) has appointed Dr. June Lee to its Board of Directors as it advances its lead asset, AT-1501, through clinical development for ALS and other high-need conditions. Dr. Lee brings over 20 years of experience in biotechnology, previously serving as Chief Development Officer at MyoKardia, which was acquired by Bristol Myers Squibb for $13.1 billion. Her expertise is expected to provide valuable insights as Novus continues evolving its targeted therapies for organ transplantation and immunological diseases.
Novus Therapeutics reported significant operational progress and financial results for Q3 2020. The company completed the acquisition of Anelixis Therapeutics, securing a next-gen anti-CD40L antibody.
Novus raised approximately $108 million through private placement financing and commenced a Phase 2 trial for AT-1501 in ALS patients. The net loss was $6.1 million, and R&D expenses decreased to $615,000.
The company had $114.5 million in cash, reflecting a solid financial position for advancing its pipeline.
Novus Therapeutics, Inc. (NASDAQ: NVUS) will report its financial results for the three and nine months ended September 30, 2020, on November 16, 2020, after market close. The company focuses on developing targeted medicines for organ transplantation and immunological diseases. A corporate update conference call will be held the same day at 4:30 PM ET. Investors and analysts can join via a toll-free number or the provided webcast link.
Novus Therapeutics, Inc. (NASDAQ: NVUS) announced a 1-for-18 reverse stock split of its common stock, effective at 12:01 a.m. (Eastern Time) on October 5, 2020. This action reduces the total number of outstanding shares while maintaining proportional ownership for existing stockholders. Post-split, stockholders with fractional shares will receive cash payments. The new CUSIP number assigned to Novus common stock is 67011N 204, and trading will start on a split-adjusted basis on the effective date.
