Eliem Therapeutics (NASDAQ:ELYM) completed a review of its business, including the status of its programs, resources, and capabilities, and has decided to halt further development of its Kv7 program and to conduct a comprehensive exploration of strategic alternatives focused on maximizing shareholder value.
The company has engaged Leerink Partners to act as a strategic advisor in the process. Eliem will explore potential strategic alternatives that may include, but are not limited to, an acquisition, merger, business combination, or other transaction.
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.
Earlier this year, Eliem dropped a depression drug candidate, ETX-155 and laid off 55% of its staff in an attempt to stretch its cash runway, shifting its focus to its preclinical Kv7 program, a clinically validated target in both epilepsy and pain, with potential in depression disorders as well.
