Eledon Pharma Prices $85M Offering of Stock and Warrants

IRVINE, Calif., Oct. 29, 2024 – Eledon Pharmaceuticals, Inc. (NASDAQ: ELDN) today announced the pricing for its underwritten offering, which includes 18,356,173 shares of common stock at $3.65 per share, alongside pre-funded warrants to purchase up to 4,931,507 shares at $3.649 per warrant. These pre-funded warrants will be immediately exercisable with an exercise price of $0.001 per share. This offering is expected to generate approximately $85 million in gross proceeds before deducting underwriting discounts, commissions, and expenses. All shares and pre-funded warrants in the offering are being sold by Eledon, with the closing anticipated on or about October 30, 2024, subject to standard closing conditions.

The financing will see participation from both new and existing investors such as BVF Partners LP, RA Capital Management, Frazier Life Sciences, Blue Owl Healthcare Opportunities, First Light Asset Management, Sphera Healthcare, Woodline Partners LP, Nantahala Capital, and T1D Fund: A Breakthrough T1D Venture. Leerink Partners serves as the sole book-running manager for this offering, with Noble Capital Markets Inc. providing financial advisory services.

Eledon plans to utilize the net proceeds from this offering to advance its pipeline and for general corporate purposes, including working capital. This offering is being carried out under a registration statement on Form S-3 (File No. 333-282260), which was previously filed with the SEC on September 20, 2024, and declared effective on October 2, 2024.

The offering will only be made via a prospectus and prospectus supplement, which form part of the registration statement. These documents, including a preliminary and final prospectus supplement, will be filed with the SEC and available on its website. Interested parties can obtain copies of these documents by contacting Leerink Partners LLC.

Eledon Pharmaceuticals is a clinical-stage biotechnology company headquartered in Irvine, California, that focuses on developing immune-modulating therapies for severe conditions. The company's lead product, tegoprubart, is an anti-CD40L antibody targeting the CD40 Ligand - a key player in immune cell activation, offering significant therapeutic potential. Eledon leverages its extensive knowledge of anti-CD40 Ligand biology to conduct studies in areas such as kidney allograft transplantation, xenotransplantation, and amyotrophic lateral sclerosis (ALS).