Cambridge biotech out of stealth $80m richer
A new Cambridge and Seattle based biotech company has emerged from stealth with $80 million Series A investment garnered in quickfire time as it aims to accelerate clinical programs addressing large markets with substantial unmet needs.
Chronic pain, depression, epilepsy and anxiety are some of the areas Eliem Therapeutics plans to address with its huge war chest and a five-star team of executives.
The leadership team boasts decades of neuroscience R & D and commercialisation know-how and they are determined that their therapies will empower patients to live on their own terms.
With funding from RA Capital Management, Access Biotechnology, and Intermediate Capital Group, Eliem is targeting conditions that cause deep suffering for tens of millions of people every day.
The company is progressing two clinical stage assets with clinically validated mechanisms of action for neurological diseases. The markets they are tilting at are collectively worth multi billions of dollars.
ETX-810, an investigational new chemical entity (NCE) for chronic pain, which acts via the palmitoylethanolamide (PEA) pathway, is being evaluated in two Phase 2a trials in lumbosacral radicular pain (chronic sciatica) and diabetic peripheral neuropathic pain.
ETX-155, an investigational next generation neuroactive steroid NCE that acts as a GABAA positive allosteric modulator (PAM), is being evaluated in Phase 1 studies with plans for 2021 trial initiations in multiple indications, including major depressive disorder (MDD), hormone-related mood disorders, and focal onset seizures (FOS).
Eliem’s President and CEO, Bob Azelby said: “Most patients with chronic pain and other neuronal excitability disorders struggle immensely to manage their condition with currently available treatments.
“For many of these patients, the inability to execute day-to-day activities is devastating, and living a normal life can seem out of reach.
“We are confident that our highly experienced and dedicated team is developing treatments that can achieve meaningfully better clinical outcomes for patients, offering them the opportunity to lead the lives they were meant to live.”
The management team collectively has decades of foundational experience at companies such as Amgen, GlaxoSmithKline and Lilly as well as small biotech companies such as Alder, Juno, Exelixis, and Convergence.