Seattle and United Kingdom-based Eliem Therapeutics (NASDAQ: ELYM) continued its surge on Wednesday after its initial public offering on Tuesday.
The company closed its Wednesday trading session at $20.63, up more than 60% from its IPO price of $12.50 per share. The pharmaceutical company is developing therapeutics for central nervous system disorders, with drug candidates to treat chronic pain, seizures, and depression. Eliem’s IPO filing shows the company was expected to raise $80 million. On Wednesday, its market capitalization closed at approximately $480 million.
Eliem is led by CEO Bob Azelby, who was previously chief commercial officer of Juno Therapeutics, a Seattle biotech company that was acquired in 2018 by Celgene for $9-billion. Azelby also previously led Bothell’s Alder BioPharmaceuticals, which was acquired in 2019 for nearly $2 billion.
According to documents Eliem filed with the Securities and Exchange Commission, the company had accumulated a deficit of $46 million as of March 31 and has not yet generated any sales from products.
Eliem’s drug for chronic pain is in Phase 2 clinical trials, with initial data expected in the first half of 2022. The company’s second drug is in Phase 1 clinical trials for seizures, with initial data expected during the first half of 2022. A drug for depression is in Phase 2 clinical trials, with initial data expected in the first half of 2023.