Eledon Pharmaceuticals Announces Dosing of 10th Patient in Ongoing Phase 1b Trial Evaluating Tegoprubart in Patients Undergoing Kidney Transplantation
August 16 2023 - 6:00AM
Eledon Pharmaceuticals, Inc. (“Eledon”) (NASDAQ: ELDN) today
announced the dosing of the 10th patient in the Company’s ongoing
Phase 1b trial evaluating tegoprubart in patients undergoing kidney
transplantation and will report interim clinical data from this
study at the American Society of Nephrology (ASN) Kidney Week
Annual Meeting in November 2023.
“We are pleased with the strong pace of enrollment in our Phase
1b trial and believe it speaks to the underlying demand for a new
and better immunosuppressive regimen for the thousands of patients
each year who undergo kidney transplantation,” said David-Alexandre
C. Gros, M.D., Chief Executive Officer. “This achievement
represents the first successful clinical milestone in our recent
financing agreement and positions us well to close the second
tranche of funding upon the dosing of the 12th patient in our Phase
2 BESTOW study. We are activating sites in the BESTOW study and
look forward to beginning enrollment.”
In May 2023, Eledon announced a definitive securities purchase
agreement with certain healthcare investors through a private
placement that may provide up to $185 million in gross proceeds,
with $35 million in upfront funding and additional aggregate
financing of up to $105 million in two tranches, subject to
achieving clinical development milestones, volume weighted share
price levels, and trading volume conditions, as well as up to an
additional $45 million upon exercise of warrants. With the dosing
of the 10th patient, the Company has now completed the first of two
clinical development milestones related to the second tranche
closing; the other clinical development milestone related to the
second tranche closing is the dosing of the 12th patient in the
Phase 2 BESTOW study that is expected to begin enrollment in the
3rd quarter of this year.
About Eledon Pharmaceuticals and
tegoprubart
Eledon Pharmaceuticals is a clinical stage biotechnology company
using its immunology expertise to develop therapies that protect
transplanted organs and prevent organ rejection, as well as to
treat amyotrophic lateral sclerosis (ALS). The Company’s lead
compound in development is tegoprubart, an anti-CD40L antibody with
high affinity for CD40 Ligand, a well-validated biological target
with broad therapeutic potential. Eledon is headquartered in
Irvine, California. For more information, please visit the
company’s website at www.eledon.com.
Follow Eledon Pharmaceuticals on social
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Forward-Looking Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties. Any statements about
the completion of the private placement, the satisfaction of the
mandatory funding conditions, exercise of the warrants, other
customary closing conditions related to the private placement, the
intended use of net proceeds from the private placement, statements
about planned clinical trials, the Company’s expectation that the
aggregate financing (subject to milestones) is expected to be
sufficient to fund the Company through the completion of the Phase
2 kidney transplant trial, and the Company’s other future
expectations, plans and prospects, as well as other statements
containing the words “believes,” “anticipates,” “plans,” “expects,”
“estimates,” “intends,” “predicts,” “projects,” “targets,” “looks
forward,” “could,” “may,” and similar expressions, constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are inherently uncertain and are subject to numerous
risks and uncertainties, including: risks relating to the safety
and efficacy of our drug candidates; risks relating to clinical
development timelines, including interactions with regulators and
clinical sides, as well as patient enrollment; risks relating to
costs of clinical trials and the sufficiency of the company’s
capital resources to fund planned clinical trials; and risks
associated with the impact of the ongoing coronavirus pandemic.
Actual results may differ materially from those indicated by such
forward-looking statements as a result of various factors. These
risks and uncertainties, as well as other risks and uncertainties
that could cause the company’s actual results to differ
significantly from the forward-looking statements contained herein,
are discussed in our quarterly 10-Q, annual 10-K, and other filings
with the U.S. Securities and Exchange Commission, which can be
found at www.sec.gov. Any forward-looking statements contained
in this press release speak only as of the date hereof and not of
any future date, and the company expressly disclaims any intent to
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
Investor Contact:
Stephen JasperGilmartin Group(858) 525
2047stephen@gilmartinir.com
Media Contact:
Jenna UrbanBerry & Company Public Relations(212) 253
8881jurban@berrypr.com
Source: Eledon Pharmaceuticals
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