Elicio Therapeutics drops 5%, prices $15M direct offering

* Elicio Therapeutics (ELTX [https://seekingalpha.com/symbol/ELTX]) priced [https://seekingalpha.com/pr/20571020-elicio-therapeutics-announces-pricing-of-15-million-registered-direct-offering] a $15M registered direct offering led by two new fundamental institutional investors, with participation from an existing large shareholder.
* The clinical-stage biotechnology company agreed to sell about 4.38M shares of common stock in the offering.
* Net proceeds, together with its existing cash will be used to fund the planned Phase 1 clinical development of ELI-002 7P in metastatic pancreatic ductal adenocarcinoma (PDAC), advance its broader pipeline and platform, and for working capital and general corporate purposes.
* The offering is expected to close on or about July 6.
* The stock price dropped about 5% on Thursday duirng pre-market trade.

MORE ON ELICIO THERAPEUTICS

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* Elicio nosedives on phase 2 data for pancreatic cancer asset [https://seekingalpha.com/news/4603496-elicio-nosedives-phase-2-data-pancreatic-cancer-asset]
* Elicio Therapeutics GAAP EPS of -$0.65 misses by $0.18 [https://seekingalpha.com/news/4590861-elicio-therapeutics-gaap-eps-of-0_65-misses-by-0_18]
* Seeking Alpha’s Quant Rating on Elicio Therapeutics [https://seekingalpha.com/symbol/ELTX/ratings/quant-ratings]
* Historical earnings data for Elicio Therapeutics [https://seekingalpha.com/symbol/ELTX/earnings]