Eliem Therapeutics is out of stealth mode and $80m in the black
Eliem Therapeutics, a new Cambridge and Seattle-based biotech company, has come out of stealth mode and announced it has received $80m in financing since its inception in 2019.
The company is advancing potentially “best-in-class” drug candidates with clinically validated mechanisms of action, addressing large markets with substantial unmet needs such as chronic pain, depression, epilepsy and anxiety.
These cause suffering for tens of millions of people every day – and Eliem already has two of its programmes in clinical trials.
With funding from RA Capital Management, Access Biotechnology, and Intermediate Capital Group, Eliem aims to develop and commercialise these therapies treating neuronal excitability disorders.
The first clinical stage asset with clinically validated mechanisms of action for neurological diseases is ETX-810, an investigational new chemical entity for chronic pain, which acts via the palmitoylethanolamide (PEA) pathway. ETX-810 is being evaluated in two phase 2a trials in lumbosacral radicular pain (chronic sciatica) and diabetic peripheral neuropathic pain.
The second is ETX-155, an investigational next-generation neuroactive steroid NCE that acts as a GABAA positive allosteric modulator. ETX-155 is being evaluated in phase 1 studies with plans for 2021 trial initiations in multiple indications including major depressive disorder, hormone-related mood disorders, and focal onset seizures.
“Most patients with chronic pain and other neuronal excitability disorders struggle immensely to manage their condition with currently available treatments,” said Eliem’s president and CEO, Bob Azelby. “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.”
Azelby was most recently president and CEO of Alder BioPharmaceuticals, and before that executive vice-president and CCO at Juno Therapeutics. At Eliem, he is joined by a highly skilled management team – based in Seattle and Cambridge – that collectively has decades of foundational experience at companies including Amgen, GlaxoSmithKline and Lilly.
“The Eliem management team knows how to develop safe and well tolerated drugs that work, and understands how to efficiently bring those treatments to patients in need,” said Andrew Levin, MD at RA Capital Management, and Eliem co-founder and chairman of the board of directors.