Elicio Therapeutics goes public via reverse merger
Privately-held US cancer drug biotech Elicio Therapeutics has entered into a definitive merger agreement with Angion Biomedica (Nasdaq: ANGN) under which Elicio will merge with a wholly-owned subsidiary of Angion in an all-stock transaction.
Clearly investors were not impressed, as Angion’s shares closed down more than 30% at $0.70 following the announcement yesterday.
The combined company will continue under the Elicio Therapeutics name and will focus on advancing Elicio’s proprietary lymph node-targeting Amphiphile (AMP) technology to develop immunotherapies, with a focus on ELI-002, a therapeutic cancer vaccine targeting mKRAS-driven tumors. The stock ticker will change to Nasdaq: ELTX.
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