Robert Connelly, Elicio Therapeutics CEO

Scoop: Call­ing off an IPO, a can­cer and Covid-19 vac­cine mak­er rais­es a Se­ries C

An on­col­o­gy and Covid-19 biotech led by a for­mer Flag­ship Pi­o­neer­ing ven­ture part­ner is close to wrap­ping up its Se­ries C af­ter a bear mar­ket shut the doors to a planned IPO, End­points News has learned.

Eli­cio Ther­a­peu­tics has se­cured $37 mil­lion of its planned $40 mil­lion Se­ries C, the com­pa­ny con­firmed in an email to End­points. The Boston biotech had sought to list on Nas­daq as ELTX, with a draft reg­is­tra­tion state­ment filed in April 2021 and sub­se­quent SEC fil­ings show­ing am­bi­tions to price be­tween $12 to $14 apiece. The of­fer­ing would’ve brought in about the same amount of cap­i­tal as Eli­cio now seeks in its pri­vate round.

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