Eliem Therapeutics, a US-based developer of treatments for neuronal excitability disorders, has filed for an $80m initial public offering, presenting an opportunity to exit for conglomerate Access Industries.
Founded in 2019, Eliem is developing novel drug treatments for neuronal excitability disorders such as depression, epilepsy and anxiety.
The startup’s lead drug candidates are ETX-810, a potential treatment for chronic pain, and ETX-155, which is being developed to treat major depressive disorder, perimenopausal depression and focal onset seizures.
Eliem plans to use the IPO proceeds mainly for the development of ETX-810 and ETX-155, as well as its preclinical drug candidates.
In May 2021, Eliem closed a $60m series B round co-led by Intermediate Capital Group (ICG) and RA Capital Management that also featured Access Industries’ Access Biotechnology subsidiary as well as Samlyn Capital, Acorn Bioventures and LifeArc.
The company had emerged from stealth two months earlier with $80m in funding from Access Biotechnology, RA Capital and ICG. RA Capital has a 51.9% stake in Eliem while Access Industries holds 21.9%, ICG 8.4% and LifeArc 7.6%.
SVB Leerink, Evercore ISI, Stifel, and Guggenheim Securities have been appointed as underwriters for the offering, which is set to take place on the Nasdaq Global Market.