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eliem Therapeutics Eliem Therapeutics Reports Second Quarter Financial Results September 13 , 2021 On track to advance two clinical programs through five proof - of - concept trials and progress two preclinical programs over the next 18-24 months Recently completed an IPO for $ 92 million in gross proceeds that , along with existing cash , provides cash runway through late 2023 SEATTLE and CAMBRIDGE , United Kingdom , Sept. 13 , 2021 ( GLOBE NEWSWIRE ) -- Eliem Therapeutics , Inc. , a clinical - stage biotechnology company focused on developing novel therapies for neuronal excitability disorders to address unmet needs in chronic pain , psychiatry , epilepsy and other disorders of the peripheral and central nervous systems , today reported financial results and business highlights for the quarter ended June 30 , 2021 . " It has been an exciting year thus far for Eliem , highlighted by our successful initial public offering ( IPO ) that we completed in August , " said Bob Azelby , Eliem's president and chief executive officer . " In the second quarter , we continued to advance enrollment on our two Phase 2a studies for ETX - 810 in patients with chronic pain conditions . We also made excellent progress toward initiating three clinical studies for ETX - 155 in depressive disorders and epilepsy . The proceeds from our IPO , along with the additional capital we raised in our Series B financing in May 2021 , are expected to fund our operations through late 2023. We believe this funding will take us through multiple topline clinical data readouts across five different indications and also allows us to advance our preclinical pipeline . We remain committed to developing therapies targeting debilitating disorders that impact tens of millions of people worldwide every day . " Recent Highlights and Upcoming Milestones Initial public offering raised $ 92 million gross proceeds : In August 2021 , the Company announced the public offering of 7,360,000 shares of its common stock , including the exercise in full of the underwriters ' option to purchase an additional 960,000 shares of common stock , at a public offering price of $ 12.50 per share . The Company received estimated net proceeds of $ 83.1 million from the IPO , after deducting underwriting discounts of $ 6.4 million and estimated offering costs of $ 2.5 million . The IPO was preceded by a Series B financing in May 2021 that raised gross proceeds of $ 60.0 million . Program Updates and Milestones ETX - 810 in chronic pain : ETX - 810 is a novel new chemical entity prodrug of the bioactive lipid palmitoylethanolamide ( PEA ) that is currently being evaluated in two Phase 2a clinical trials in patients with diabetic peripheral neuropathic pain ( DPNP ) and lumbosacral radicular pain ( LSRP ) , commonly referred to as sciatica . ETX - 810 was designed to optimize the oral absorption and systemic exposure of PEA , which is believed to play a critical role in the regulation of neuroinflammation and pain signaling in chronic pain . • ETX - 810 in DPNP . The Company is conducting a Phase 2a prospective , multi - center , randomized , double - blind , placebo- controlled , parallel - group clinical trial to evaluate the efficacy and safety of ETX - 810 in adults with DPNP . The Company expects to have a topline data readout during the first half of 2022 . • ETX - 810 in LSRP . The Company is conducting a Phase 2a prospective , multi - center , randomized , double - blind , placebo- controlled , parallel - group clinical trial to evaluate the efficacy and safety of ETX - 810 in adults with LSRP . The Company expects to have a topline data readout during the first half of 2022 . ETX - 155 in depression and epilepsy : ETX - 155 is a novel GABAA receptor positive allosteric modulator that Eliem plans to evaluate in patients with major depressive disorder ( MDD ) , perimenopausal depression ( PMD ) and focal onset seizure ( FOS ) . ETX - 155 was designed to have broad potency across both synaptic and extrasynaptic GABAA receptor subtypes . In Phase 1 clinical studies to date , ETX - 155 was shown to be well tolerated with desirable pharmacokinetic properties , including no clinically meaningful food effect and at least a 24 - hour half - life to enable once - a - day - dosing . The Company believes these attributes combine to position it well within the GABAA PAM therapeutic class . • ETX - 155 in FOS . The Company expects to initiate a single - arm , proof - of - concept Phase 1b trial in photosensitive epilepsy patients in the second half of 2021 with topline data expected by the first half of 2022 . • ETX - 155 in MDD . The Company expects to initiate a randomized , placebo - controlled , Phase 2a proof - of - concept trial of ETX - 155 in the second half of 2021 with first patient dosed in early 2022 and topline data expected in the first half of 2023 . • ETX - 155 in PMD . The Company expects to initiate a randomized , placebo - controlled , Phase 2a proof - of - concept trial of ETX - 155 in the second half of 2021 with first patient dosed in early 2022 and topline data expected in the first half of 2023 .