Eledon Pharmaceuticals Announces Pricing of $85 Million Underwritten Offering of Common Stock and Pre-Funded Warrants

Core Viewpoint - Eledon Pharmaceuticals has announced the pricing of an underwritten offering of common stock and pre-funded warrants, aiming to raise approximately $85 million to advance its pipeline and for general corporate purposes [1][3]. Group 1: Offering Details - The offering consists of 18,356,173 shares of common stock priced at $3.65 per share and pre-funded warrants for 4,931,507 shares at $3.649 each, with an exercise price of $0.001 per share [1]. - The gross proceeds from the offering are expected to be around $85 million before deducting underwriting discounts and commissions [1]. - The offering is expected to close on or about October 30, 2024, subject to customary closing conditions [1]. Group 2: Investor Participation - The financing includes participation from both new and existing investors, such as BVF Partners LP, RA Capital Management, and others [2]. - Leerink Partners is acting as the sole book-running manager for the offering, while Noble Capital Markets Inc. serves as the financial advisor [2]. Group 3: Use of Proceeds - Eledon intends to utilize the net proceeds from the offering to advance its pipeline and for working capital and general corporate purposes [3]. Group 4: Company Overview - Eledon Pharmaceuticals is a clinical-stage biotechnology company focused on developing immune-modulating therapies for life-threatening conditions [6]. - The company's lead investigational product is tegoprubart, an anti-CD40L antibody with potential applications in kidney transplantation and amyotrophic lateral sclerosis (ALS) [6].