Eliem Therapeutics., a Seattle, WA- and Cambridge, England, UK-based clinical-stage biotechnology company focused on developing novel therapies for neuronal excitability disorders, closed a $60m Series B financing.
The round was led by Intermediate Capital Group (ICG) and RA Capital Management with participation from Access Biotechnology, Samlyn Capital, Acorn Bioventures and LifeArc.
The company intends to use the funds to advance its two lead clinical-stage product candidates, ETX-810 and ETX-155, through topline data across four different indications in patients with chronic pain, depressive disorders, and epilepsy, as well as to advance its two preclinical-stage programs to selection of clinical development candidates.
Led by Bob Azelby, President and Chief Executive Officer, Eliem Therapeutics is a clinical-stage biotechnology company focused on developing novel therapies for neuronal excitability disorders to address needs in chronic pain, psychiatry, epilepsy and other disorders of the peripheral and central nervous systems.
The company is currently evaluating ETX-810, an investigational novel prodrug of the bioactive lipid palmitoylethanolamide, in two Phase 2a clinical trials in patients with diabetic peripheral neuropathic pain and lumbosacral radicular pain, with topline data expected in the first half of 2022.
For its second lead product candidate, ETX-155, an investigational novel GABAA receptor positive allosteric modulator, the company plans to initiate two Phase 2a clinical trials, in patients with major depressive disorder and hormone-related depressive disorders, which are expected to report topline data in the second half of 2022 and the first half of 2023, respectively.
In addition, for ETX-155, Eliem intends to initiate a Phase 1b clinical trial in patients with photosensitive epilepsy, that is expected to report topline data by the first half of 2022.
The company is also progressing two preclinical programs currently in the advanced discovery stage: a novel Kv7.2/3 potassium channel opener for the potential treatment of pain and epilepsy, and a novel 2,3-benzodiazepine anxiolytic for the potential treatment of generalized anxiety disorder and depression.