
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.