Eliem Therapeutics Inc ELYM shares are trading higher after the company completed a review of its business, including the status of its programs, resources, and capabilities.
The company has decided to halt further development of its Kv7 program and to conduct a comprehensive exploration of strategic alternatives.
Earlier this year, Eliem Therapeutics announced reprioritizing its pipeline to focus on its high-potential preclinical Kv7.2/3 program (Kv7 Program) and the development of its lead Kv7.2/3 candidate, ETX-123.
The company paused all further development of ETX-155, a GABAA receptor positive allosteric modulator neuroactive steroid (GABAA PAM) phase 2-ready for major depressive disorder (MDD), with the potential to also pursue development in epilepsy.
Eliem has engaged Leerink Partners to act as a strategic advisor.
As of June 30, 2023, the company had a preliminary unaudited amount of approximately $102.6 million in cash, cash equivalents, and investments in marketable securities.
Price Action: ELYM shares are up 5.36% at $2.95 on the last check Thursday.
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