Elicio Therapeutics, Inc. (Nasdaq: ELTX, “Elicio Therapeutics” or
“Elicio”), a clinical-stage biotechnology company developing a
pipeline of novel immunotherapies for the treatment of cancer,
today announced the pricing of an approximately $11.5 million
underwritten public offering of its common stock (or pre-funded
warrants to purchase common stock in lieu thereof), and
accompanying common warrants to purchase common stock, before
deducting underwriting discounts and commissions and estimated
offering expenses payable by Elicio.
The offering consists of (i) 500,000 shares of common stock and
accompanying common warrants to purchase up to 500,000 shares of
common stock at a per share exercise price of $5.00, at a combined
public offering price of $5.00 per share and accompanying common
warrant and (ii) to certain investors in lieu of common stock,
pre-funded warrants to purchase up to 1,800,000 shares of common
stock at a per share exercise price of $0.01 and accompanying
common warrants to purchase up to 1,800,000 shares of common stock
at a per share exercise price of $5.00, at a combined public
offering price of $4.99 per pre-funded warrant and accompanying
common warrant, which represents the per share combined purchase
price for the common stock and accompanying common warrants less
the $0.01 per share exercise price for each such pre-funded
warrant. The accompanying common warrants will be immediately
exercisable for shares of common stock and will expire on the
five-year anniversary of the date of issuance. All of the shares of
common stock, accompanying common warrants and pre-funded warrants
are being offered by Elicio. The offering is expected to close on
or about July 1, 2024, subject to the satisfaction of customary
closing conditions.
Elicio intends to use the net proceeds from this offering
together with its existing cash, cash equivalents and marketable
securities, for the advancement of its development pipeline, as
well as for working capital and general corporate purposes.
Jones is acting as the sole book-running manager for the
offering.
A shelf registration statement relating to these securities has
been filed with the Securities and Exchange Commission (“SEC”) and
became effective on June 11, 2024. A preliminary prospectus
supplement and accompanying prospectus relating to the offering
were filed with the SEC on June 27, 2024. The final prospectus
supplement relating to the offering will be filed with the SEC and
will be available on the SEC’s website at www.sec.gov. Electronic
copies of the final prospectus supplement and the accompanying
prospectus relating to the offering, when available, may be
obtained from JonesTrading Institutional Services LLC (“Jones”),
Attention: Equity Capital Markets, 325 Hudson Street, 6th Floor New
York, New York 10013; email: ecm@jonestrading.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Elicio Therapeutics
Elicio Therapeutics, Inc. (Nasdaq: ELTX) is a clinical-stage
biotechnology company advancing a pipeline of novel lymph
node-targeted immunotherapies for the treatment of some of the most
aggressive cancers. By combining expertise in immunology and
immunotherapy, Elicio is harnessing the natural power of the immune
system with the AMP technology, which allows for therapeutic
payloads to be delivered directly to the lymph nodes, with the goal
of enhancing the immune system’s cancer-fighting capabilities. By
targeting cancer immunotherapies to the core of the immune
response, AMP aims to optimize the lymph nodes’ natural ability to
educate, activate and amplify cancer-specific T cells, which are
essential for recognizing and eliminating tumor cells. Engineered
to synchronize immunity in these highly potent sites, AMP is built
to enhance the magnitude, potency, quality and durability of the
immune response to drive antitumor activity. Elicio’s R&D
pipeline includes off-the-shelf therapeutic cancer vaccines
ELI-002, (targeting mKRAS-driven cancers) as well as ELI-007 and
ELI-008 (targeting BRAF-driven cancers and p53 hotspot mutations,
respectively). For more information, please visit
www.elicio.com.
Cautionary Note on Forward-Looking
Statements
Certain statements contained in this communication regarding
matters that are not historical facts, are forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995, known as the PSLRA. No
forward-looking statement can be guaranteed, and actual results may
differ materially from those projected. Elicio undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except to the extent required by law. Elicio uses words such as
“aim,” “anticipate,” “assume,” “believe,” “contemplate,”
“continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,”
“may,” “objective,” “plan,” “predict,” “potential,” “positioned,”
“seek,” “should,” “target,” “will,” “would,” and similar
expressions to identify these forward-looking statements that are
intended to be covered by the safe-harbor provisions of the PSLRA.
Such forward-looking statements include statements regarding, among
other things, the intended use of proceeds from the offering of
Elicio’s securities and the timing of the completion of the
offering. Such forward-looking statements are based on Elicio’s
expectations and involve risks and uncertainties; consequently,
actual results may differ materially from those expressed or
implied in the statements due to a number of factors, including,
but not limited to, market risks and uncertainties and the risk
that the offering of its securities will not be consummated, and
the satisfaction of customary closing conditions for the offering
of its securities.
New factors emerge from time to time, and it is not possible for
Elicio to predict all such factors, nor can Elicio assess the
impact of each such factor on the business or the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements. These risks are more fully discussed in Elicio’s Annual
Report on Form 10-K filed with the SEC on March 29, 2024, as
amended on April 29, 2024, under the heading “Risk Factors”, and
any subsequent reports and other documents filed from time to time
with the SEC. Forward-looking statements included in this release
are based on information available to Elicio as of the date of this
release. Elicio does not undertake any obligation to update such
forward-looking statements to reflect events or circumstances after
the date of this release, except to the extent required by law.
Investor Relations ContactBrian PiekosElicio
TherapeuticsIR@elicio.com857-209-0153
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