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Elicio Therapeutics Will Merge with Angion Biomedica

Elicio Therapeutics Will Merge with Angion Biomedica

Privately held clinical-stage biopharma company, Elicio Therapeutics, will merge with a wholly owned subsidiary of Uniondale-NY-based Angion Biomedica in an all-stock transaction.

Elicio shareholders will own 65.5% of the newly-formed company while Angion stockholders will own the remaining 34.5%. Angion also committed $10 million in a bridge loan to Elicio.

The merger, which is expected to close in the second quarter of this year, will result in a publicly-listed company on NASDAQ, which will focus on developing immunotherapies based on Elicio’s proprietary lymph node-targeting Amphiphile (AMP) technology.

The combined company will operate under the Elicio name, with the Elicio executive team, led by CEO Robert Connelly, overseeing the company headquartered in Boston.

In July 2022, Angion halted its Phase II clinical trial of lead asset ANG-3070 for kidney fibrosis. As a result, the company announced that it sought “strategic alternatives” to preserve and increase shareholder value, including potential mergers.

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Elicio TherapeuticsAngion Biomedica

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.