Eliem Therapeutics has announced the closing of its acquisition of Tenet Medicines, alongside completing a $120 million private placement. Eliem plans to focus on advancing TNT119, an anti-CD19 antibody intended to treat various autoimmune diseases. With post-close cash and cash equivalents totaling approximately $220 million, Eliem expects to fund operations into 2027 and achieve key clinical milestones. New appointments include Dr. Aoife Brennan as CEO, and Dr. Jan Hillson as a Senior Clinical Advisor. Additionally, Stephen Thomas, former CEO of Tenet, joins Eliem’s Board. This strategic acquisition positions Eliem to initiate Phase 2 clinical trials of TNT119, promising advancements in systemic lupus erythematosus, immune thrombocytopenia, and membranous nephropathy treatments.

Biotechnology, Healthcare, Investment,United States, United Kingdom

https://www.globenewswire.com/news-release/2024/06/27/2905516/0/en/Eliem-Therapeutics-Announces-the-Closing-of-its-Acquisition-of-Tenet-Medicines-and-Concurrent-120-Million-Private-Placement.html