ELYM - Eliem Therapeutics down after announcing reprioritization plans layoffs

• Biotechnology company Eliem Therapeutics ( NASDAQ: ELYM ) was down ~11% after announcing reprioritization plans and ~55% layoffs in H1.
• The board plans to re-prioritize its pipeline to focus on the preclinical Kv7.2/3 program, development of its lead Kv7.2/3 candidate, ETX-123.
• The company is planning to commence a first-in-human Phase 1 trial in H1'24.
• The company is also set to pause all further development of ETX-155, in connection with the reprioritization.
• Separately, the board has also approved a corporate reorganization plan to conserve financial resources, which involves the job cuts.
• CEO Bob Azelby will be departing in connection with the reorganization, and current board chair Andrew Levin has been appointed executive chairman, effective upon Azelby's departure.
• COO and CFO Erin Lavelle and Executive Vice President Jim Bucher will also depart from the company after a short transition period.
• Additionally, ELYM said its cash, cash equivalents and marketable securities as of Dec. 31, 2022, were $123.6M.
• Source: Press Release

For further details see: