Led by former Juno and Alder exec, Seattle neurology startup Eliem Therapeutics raises $80M

Led by former Juno and Alder exec, Seattle neurology startup Eliem Therapeutics raises $80M

Bob Azelby. (Eliem Picture)

New funding: Eliem Therapeutics, a brand new Seattle biotech startup led by former Juno Therapeutics exec Bob Azelby, raised $80 million to develop clinically-validated therapies for ache and melancholy.

The pipeline: Based in 2019, the corporate has two lead drug candidates in improvement: ETX-810 for persistent ache and ETX-155 for main depressive dysfunction, hormone-related temper problems, and focal onset seizures

ETX-810 is described as an investigational non-opioid that makes use of the palmitoylethanolamide (PEA) pathway to affect neuroinflammation and ache signaling. ETX-155 is an neuroactive steroid that acts as a GABAA optimistic allosteric modulator (PAM), which may deal with seizures, anxiousness, and extra.

Management: Azelby is Eliem’s president and CEO. He was beforehand president and CEO of Seattle biotech agency Alder BioPharmaceuticals, which was acquired by Lundbeck for $1.95 billion in 2019. Azelby was additionally chief industrial officer at Seattle-based Juno, which was acquired by Celgene for $9 billion in 2018.

The corporate’s founders embrace Andrew Levin, managing director at RA Capital and chairman at Eliem, and Valerie Morisset, chief scientific officer who was beforehand an exec at Convergence Prescribed drugs.

Buyers: RA Capital Administration, Entry Biotechnology, and Intermediate Capital Group are among the many firm’s traders.

“With an exceptionally robust and skilled management workforce, and promising preclinical and scientific information, the corporate has an actual alternative to rework clinically validated mechanisms of motion into ‘best-in-class’ medicines,” Levin mentioned in a press release.

What’s subsequent: The 18-person firm expects to develop its headcount from to 26 by the top of this yr. It has places of work in Seattle and Cambridge.

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Written by LessDaily.Com


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