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Biotech Stock News Bite - Elicio Therapeutics, Inc. (Nasdaq: ELTX) Rises on Funding News

 

March 18, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com) Biotech Stock News Bites - Elicio Therapeutics, Inc. (Nasdaq: ELTX), a clinical-stage biotechnology company developing a pipeline of novel immunotherapies for the treatment of cancer, is trading at $6.40, up 1.40, gaining 28.00% on funding news. The stock had a day's high of $6.54.

It's more rare than common to see a stock rise on financing news as it usually raises dilution issues for investors.

The Company announced today that it has entered into a subscription agreement to sell pre-funded warrants to purchase up to 1,032,702 shares of its common stock at a purchase price of $5.81 per pre-funded warrant in a private placement to GKCC, LLC. GKCC, LLC is an entity controlled by a member of Elicio's Board of Directors. Each pre-funded warrant will be exercisable at any time on or after the closing date at an exercise price equal to $0.01 per share, subject to adjustments as provided under the terms of the pre-funded warrant, subject to a post-exercise beneficial ownership limitation of 19.99%, unless stockholder approval is obtained. Gross proceeds of the private placement are expected to be approximately $6.0 million, before deducting expenses. The private placement is expected to close on March 19, 2024, 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.

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. 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 pre-funded warrants to purchase up to 1,032,702 shares of its common stock at a purchase price of $5.81 per pre-funded warrant in a private placement to GKCC, LLC. GKCC, LLC is an entity controlled by a member of Elicio's Board of Directors. Each pre-funded warrant will be exercisable at any time on or after the closing date at an exercise price equal to $0.01 per share, subject to adjustments as provided under the terms of the pre-funded warrant, subject to a post-exercise beneficial ownership limitation of 19.99%, unless stockholder approval is obtained. Gross proceeds of the private placement are expected to be approximately $6.0 million, before deducting expenses. The private placement is expected to close on March 19, 2024, 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.

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., "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 pre-funded warrants to purchase up to 1,032,702 shares of its common stock at a purchase price of $5.81 per pre-funded warrant in a private placement to GKCC, LLC. GKCC, LLC is an entity controlled by a member of Elicio's Board of Directors. Each pre-funded warrant will be exercisable at any time on or after the closing date at an exercise price equal to $0.01 per share, subject to adjustments as provided under the terms of the pre-funded warrant, subject to a post-exercise beneficial ownership limitation of 19.99%, unless stockholder approval is obtained. Gross proceeds of the private placement are expected to be approximately $6.0 million, before deducting expenses. The private placement is expected to close on March 19, 2024, 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.

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.

Read the company's full news and disclaimer here:

https://finance.yahoo.com/news/elicio-therapeutics-announces-6-0-120000162.html

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