BOULDER, Colo. - Enliven Therapeutics, Inc. (NASDAQ: ELVN), a clinical-stage precision oncology company, has announced a private investment in public equity (PIPE) financing, securing approximately $90 million. The deal, expected to close on or about March 21, 2024, involves the sale of common stock and pre-funded warrants to a mix of new and existing investors.
The financing participants include Commodore Capital, Fairmount, Venrock Healthcare Capital Partners, and other notable investment firms. The funds from this financing, along with Enliven's current assets, are projected to extend the company's cash runway into late 2026, covering several key clinical milestones for its lead programs, ELVN-001 and ELVN-002.
ELVN-001, targeting chronic myeloid leukemia (CML), is currently in a Phase 1 trial with patients who have not responded to other treatments. The company plans to share initial proof of concept data at an event on April 11, 2024, featuring key opinion leaders in the field. Preliminary results suggest the drug is well-tolerated and effective in achieving major molecular responses in late-stage patients.
ELVN-002, designed to treat HER2+ metastatic breast cancer and colorectal cancer, has received FDA approval for its Investigational New Drug application. The company recently activated its first site for a combination study with trastuzumab and other agents, with dosing expected to begin in Q2 2024.
The proceeds from the PIPE financing will support the continued research and development of these clinical-stage product candidates, other research programs, working capital, and general corporate purposes. Enliven's CEO, Sam Kintz, expressed gratitude for the investor support and confidence in the company's clinical programs.
The securities sold in the PIPE financing have not been registered under the Securities Act of 1933 and will be subject to a registration statement for their resale. This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities.
Enliven Therapeutics is committed to developing small molecule inhibitors to improve survival and quality of life for cancer patients. Its approach combines insights into clinically validated biological targets with differentiated chemistry to create potentially first-in-class or best-in-class therapies.
This news article is based on a press release statement.
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