- Eliem Therapeutics Inc ELYM 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.
- Kv7.2/3 is a target with clinical validation in epilepsy and pain, with further potential in depression disorders.
- Eliem has identified multiple Kv7.2/3 modulators in a novel and highly differentiated chemical space, and its lead candidate, ETX-123, has demonstrated favorable potency, selectivity, and in vivo anticonvulsant activity.
- The company plans to commence a first-in-human Phase 1 trial in the first half of 2024.
- The company will pause 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.
- Related: Eliem Therapeutics Outlines Interim Data From Early-Stage Depressive Study.
- As part of the reorganization, Eliem Therapeutics will reduce its workforce by approximately 55% in the first half of 2023.
- The company will retain its core R&D team, led by Valerie Morisset, EVP R&D, and Chief Scientific Officer.
- Bob Azelby, president & CEO, will be departing the company and the Board imminently, and Andrew Levin, the current Chairman, has been appointed as Executive Chairman.
- In addition, Erin Lavelle, executive vice president, chief operating officer, and chief financial officer, and Jim Bucher, executive vice president, and general counsel, will depart the company following a short transition period.
- Price Action: ELYM shares are down 10.20% at $3.00 premarket on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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