Eliem Therapeutics looks for strategic alternatives
20 Jul 2023
Financial StatementExecutive ChangeIPO
Washington-based biotech Eliem Therapeutics says it is looking for strategic alternatives, including an acquisition, merger, business combination or another transaction.
Kv7 channels are strongly regulated by various physiological and pharmacological signals. According to Eliem, previous first-generation Kv7.2/3 channel openersKv7.2/3 channel openers demonstrated potent efficacy but were withdrawn from the market due to significant safety issues.
Eliem, which has locations in the U.S. and R&D operations in Cambridge, UK, reported a preliminary unaudited cash amount of approximately $102.6 million including cash, cash equivalents, and investments in marketable securities as of June 30, 2023.
The news follows Eliem's decision earlier this year to lay off 55% of its workers, in an attempt to extend its cash runway into 2027. At the time, the biotech said it would focus on its now-paused Kv7.2/3 program and the development of its candidate ETX-123. The job cuts included its CEO, Bob Azelby along with the company's CFO and general counsel.
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