Eliem Therapeutics, a US-based developer of therapies for peripheral and central nervous system disorders, completed a $60m series B round yesterday backed by Access Biotechnology, a subsidiary of conglomerate Access Industries.
Intermediate Capital Group (ICG) and RA Capital Management co-led the round, which also attracted Samlyn Capital, Acorn Bioventures and LifeArc.
Founded in 2019, Eliem is focusing on treatments for neuronal excitability disorders. Its two lead assets are aimed, respectively, at major depressive disorder and hormone-related depressive disorders, and at diabetic peripheral neuropathic pain and lumbosacral radicular pain.
The series B capital has been allocated to advancing both candidates through topline data across the aforementioned indications in patients with chronic pain, depressive disorders and epilepsy. The money will also allow Eliem to progress its two preclinical assets.
Eliem emerged from stealth in March this year, with $80m in funding supplied by Access Biotechnology, RA Capital Management and ICG.
Bob Azelby, president and chief executive of Eliem, said: “We are excited to have the continued support of our investment group, and we welcome our new investors to this latest financing round.
“This financing builds upon $80m of prior funding, allowing for the advancement of our mission to develop life-changing therapies for debilitating neuronal excitability disorders.
“These disorders impact tens of millions of people worldwide and represent large commercial market opportunities.
“With this capital, we will continue to execute our strategy to develop differentiated small molecule new chemical entities, based on clinically validated mechanisms of action with well-established clinical and regulatory endpoints.”
