Novus Therapeutics Announces Name Change to Eledon Pharmaceuticals; Provides Corporate Update and Outlook
Eledon to commence trading on the Nasdaq exchange under the ticker “ELDN” effective tomorrow,
Eledon is well financed to complete up to four Phase 2 clinical trials of lead candidate AT-1501, a potential best in class anti-CD40L monoclonal antibody
2020 and Recent Accomplishments:
- Announced name change to
Eledon Pharmaceuticals, Inc. (Nasdaq: ELDN) to reflect the company’s new focus on transplantation and autoimmune diseases - In September, completed the acquisition of privately-held Anelixis Therapeutics and its lead clinical program, AT-1501, a next generation anti-CD40L antibody
- Concurrent with acquisition announcement, completed a private placement financing with gross proceeds of over
$108 million , providing cash runway into at least late 2023 - Financing was supported by a group of premier life science investors, led by
BVF Partners L.P. , with participation from Cormorant Asset Management,Ecor1 Capital ,Logos Capital ,Fidelity Management and Research Company ,Adage Capital Partners L.P. ,Woodline Partners LP ,Ridgeback Capital ,Janus Henderson Investors , and Samsara BioCapital, as well as additional investors - In October, initiated a Phase 2a clinical trial of AT-1501 in ALS
- In November, received clearance from
Health Canada to proceed with the initiation of a Phase 2 clinical trial of AT-1501 in islet cell transplantation for type 1 diabetes with enrollment expected to begin in the first quarter of 2021 - In December, secured stockholder votes to convert Series X1 non-voting convertible preferred stock into shares of common stock, simplifying the company’s capital structure
- In a non-human primate preclinical model of islet cell transplantation, experiments benchmarking AT-1501 maintenance treatment compared to calcineurin inhibitor-based maintenance treatment demonstrated better islet cell graft function and improved safety profile for animals receiving AT-1501. Initial dose finding studies demonstrate AT-1501’s ability to prevent acute and long-term graft rejection at both 20 mg/kg and 10 mg/kg for over 12 months. New data suggests that after six months of treatment the frequency of dosing in non-human primates can be reduced by at least 50% without significant loss in graft function. Presentation and publication of study data expected in 2021
“As we enter the new year, now is the perfect time to introduce our new name –
Upcoming Anticipated Milestones in 2021:
- Initiate Phase 2 trial of AT-1501 in islet cell transplantation for type 1 diabetics in Q1 2021 with interim data readout expected in 1H 2022
- Initiate Phase 2 trial of AT-1501 in renal transplantation in Q2 2021
- Initiate Phase 2 trial of AT-1501 in an autoimmune nephritis indication
- Continue patient enrollment in ongoing Phase 2 trial in ALS; data readout expected in 1H 2022
Name Change:
In connection with the name change, Novus’ ticker will change to “ELDN” and will be effective at market open on
About
Forward-Looking Statements
This press release contains forward-looking statements that involves substantial risks and uncertainties. Any statements about the company’s future expectations, plans and prospects, including statements about its strategy, future operations, development of its product candidates, expected timing for receipt of data from its clinical trials, expected timing for initiation of future clinical trials, expected frequency of dosing of AT-1501, the company’s capital resources, the expected timing of the company’s name change and new ticker on Nasdaq, and 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, although not all forward-looking statements include such identifying words. Forward-looking statements include but are not limited to statements regarding: risks related to market conditions; expectations regarding the timing for the commencement of future clinical trials; expectations regarding the success of clinical trials; the rate and degree of market acceptance and clinical utility of the company’s products; the company’s estimates regarding expenses and cash runway; and 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
Contact:
cdavis@lifesciadvisors.com
212.915.2577
Source:
Source: Novus Therapeutics, Inc.