Elicio Therapeutics Announces $7.0 Million Private Placement Financing
22 Dezember 2023 - 3:00PM
Elicio Therapeutics, Inc. (Nasdaq: ELTX, “Elicio Therapeutics” or
“Elicio”), a clinical-stage biotechnology company developing a
pipeline of novel immunotherapies for the treatment of cancer,
announced today that it has entered into a subscription agreement
to sell 1,213,000 shares of its common stock at a purchase price of
$5.81 per share in a private placement to GKCC, LLC. GKCC, LLC is
an entity controlled by a member of Elicio’s Board of Directors.
Gross proceeds of the private placement are expected to be
approximately $7.0 million, before deducting expenses. The private
placement is expected to close on December 22, 2023, subject to the
satisfaction of customary closing conditions.
Elicio intends to use the net proceeds for the advancement of
its development pipeline, as well as for working capital and
general corporate purposes.
The securities being issued and sold in the private placement
have not been registered under the Securities Act of 1933, as
amended (the "Securities Act"), or any applicable state securities
laws and may not be reoffered or resold in the United States,
except pursuant to an effective registration statement or an
applicable exemption from the registration requirements of the
Securities Act and applicable state securities laws. As part of the
subscription agreement, Elicio has agreed to file a registration
statement with the U.S. Securities and Exchange Commission (the
"SEC") registering the resale of the shares of common stock issued
in this private placement (the "Resale Shares").
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of the securities being offered in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or jurisdiction. Any offering of
the Resale Shares under the resale registration statement will only
be by means of a prospectus.
About Elicio Therapeutics
Elicio Therapeutics is a clinical-stage biotechnology company
developing a pipeline of novel immunotherapies for the treatment of
cancer. By combining expertise in immunology and immunotherapy,
Elicio is engineering investigational Amphiphile (“AMP”)
immunotherapies intended to precisely target and fully engage the
lymph nodes, the site in our bodies where the immune response is
orchestrated. Elicio is engineering lymph node-targeted AMPlifiers,
immunomodulators, adjuvants, and vaccines for an array of
aggressive cancers.
Cautionary Note on Forward-Looking
Statements
Certain statements contained in this communication regarding
matters that are not historical facts, are forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995, known as the PSLRA. No
forward-looking statement can be guaranteed, and actual results may
differ materially from those projected. Elicio undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except to the extent required by law. We use words such as
“anticipates,” “believes,” “plans,” “expects,” “projects,”
“future,” “intends,” “may,” “will,” “should,” “could,” “estimates,”
“predicts,” “potential,” “continue,” “guidance,” and similar
expressions to identify these forward-looking statements that are
intended to be covered by the safe-harbor provisions of the PSLRA.
Such forward-looking statements are based on our expectations and
involve risks and uncertainties; consequently, actual results may
differ materially from those expressed or implied in the statements
due to a number of factors, including, but not limited to, Elicio’s
financial condition, including its ability to obtain the funding
necessary to advance the development of ELI-002 and any other
future product candidates, and Elicio’s ability to continue as a
going concern; estimates regarding future revenue, expenses,
capital requirements and need for additional financing; and
statements regarding the expected timing for the closing of the
private placement and the expected use of proceeds from the private
placement.
New factors emerge from time to time, and it is not possible for
us to predict all such factors, nor can we assess the impact of
each such factor on the business or the extent to which any factor,
or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
These risks are more fully discussed in the Current Report on Form
8-K that was filed with the SEC on June 2, 2023, under the heading
“Risk Factors” in Elicio’s Quarterly Reports on Form 10-Q for the
quarters ended June 30, 2023 and September 30, 2023, and any
subsequent reports and other documents filed from time to time with
the SEC. Forward-looking statements included in this release are
based on information available to Elicio as of the date of this
release. Elicio does not undertake any obligation to update such
forward-looking statements to reflect events or circumstances after
the date of this release, except to the extent required by law.
Media ContactKristin PolitiLifeSci
Communicationskpoliti@lifescicomms.com973-495-5221
Investor Relations ContactHeather
DiVecchiaElicio TherapeuticsIR@elicio.com857-209-0153
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