Business
Eledon Pharmaceuticals Reports Second Quarter 2023 Operating and Financial Results
Ninth patient dosed in ongoing Phase 1b trial evaluating tegoprubart in patients undergoing kidney transplantation; updated clinical data expected in the
About this update from Eledon Pharmaceuticals, Inc.
[{"type":"text","content":"Ninth patient dosed in ongoing Phase 1b trial evaluating tegoprubart in patients undergoing kidney transplantation; updated clinical data expected in the fourth quarter Raised up to $185 million, including $35 million upfront, from leading investors Successfully completed a non-human primate study for subcutaneous tegoprubart formulation IRVINE, Calif., Aug. 10, 2023 (GLOBE NEWSWIRE) -- Eledon Pharmaceuticals, Inc. (“Eledon”) (NASDAQ: ELDN) today reported its second quarter operating and financial results and reviewed recent business highlights. “We have now transplanted nine patients in our ongoing Phase 1b kidney transplantation trial and remain highly encouraged by the results to date,” said David-Alexandre C. Gros, M.D., Chief Executive Officer. “We believe that tegoprubart could represent a significant advancement in immunosuppressive therapy following kidney transplantation and look forward to presenting updated data from our Phase 1b at a medical conference next quarter. In addition, we have started activating sites in our BESTOW Phase 2 kidney transplantation trial and are progressing towards dosing the first patient.” Second Quarter 2023 and Recent Corporate Developments Announced the closing of a financing worth up to $185 million, with $35 million in upfront funding and additional aggregate financing of up to $105 million, subject to achieving clinical development milestones, volume weighted share price levels, and trading volume conditions, as well as up to an additional $45 million upon exercise of warrants. If all commitments are met, the financing is expected to be sufficient to fund the Company through the completion of the Phase 2 BESTOW trial, subject to the achievement of specified milestones, including clinical development enrollment targets.Dosed the ninth patient in the ongoing Phase 1b trial evaluating tegoprubart in patients undergoing kidney transplantation. This trial will be conducted in parallel with the Phase 2 BESTOW trial. The Company anticipates reporting updated interim clinical data from the Phase 1b study in the fourth quarter of 2023.Successfully completed a preclinical, non-human primate study comparing subcutaneous and intravenous tegoprubart formulations. The study results demonstrated in an animal model that tegoprubart may be safely delivered subcutaneously and that similar blood levels o...