Plenty of sleep in Seattle and Cambridge as Eliem reports $220m cash runway

Eliem is focused on developing therapeutics for autoimmune-driven inflammatory diseases, including advancing budoprutug – an anti-CD19 antibody designed for a broad range of autoimmune diseases. Targets include systemic lupus erythematosus, lupus nephritis, immune thrombocytopenia and membranous nephropathy.

Eliem will host an Investor Day later in the year to provide an overview of budoprutug (previously referred to as TNT119), pipeline expansion strategy and anticipated milestones.

The expenses of the Tenet acquisition allied to expanding its pipeline took a toll on Eliem’s financial results for the quarter ended June 30 but the healthy cash position and potential of the portfolio would appear to more than compensate for the short-term hit.

New CEO Dr Aoife Brennan said: “Following the close of the Tenet Medicines acquisition and the concurrent financing, we believe Eliem is well-positioned as we transition to becoming a leading development stage immunology company.

“Our lead product candidate, budoprutug, is an anti-CD19-targeted monoclonal antibody that we plan to develop for a range of immune-mediated diseases, where patients are currently underserved and in which we believe CD19-targeted approaches have clear biological rationale.

“We look forward to sharing a comprehensive update on our corporate and budoprutug development strategy at an upcoming Investor Day that we plan to host later this year.”

Eliem unveiled additions to its executive leadership team in June with the appointments of Dr Brennan and Jan Hillson, as Senior Clinical Adviser. In addition, Dr Brennan and Dr Stephen Thomas, Tenet Medicine’s CEO prior to closing of the acquisition, both joined Eliem’s board.