Eledon Pharmaceuticals launches public stock offering

Eledon Pharmaceuticals, Inc. (NASDAQ: ELDN) announced an underwritten public offering of common stock shares and pre-funded warrants. The biotechnology company will offer all shares and warrants in the proposed offering.

The company plans to grant underwriters a 30-day option to purchase additional shares equal to 15% of the total shares sold in the public offering. Leerink Partners and Cantor serve as joint book-running managers for the offering.

Eledon intends to use net proceeds to support clinical development of its product candidates, advance pipeline programs, and fund general corporate purposes. The offering remains subject to market conditions with no assurance regarding completion, size, or final terms.

The offering operates under a registration statement on Form S-3 filed with the Securities and Exchange Commission on September 20, 2024, and declared effective on October 2, 2024. A preliminary prospectus supplement will be filed with the SEC.

Eledon develops immune-modulating therapies for life-threatening conditions. The company's lead investigational product is tegoprubart, an anti-CD40L antibody targeting CD40 Ligand for potential therapeutic intervention in kidney transplantation, xenotransplantation, and amyotrophic lateral sclerosis.

The Irvine, California-based company operates as a clinical stage biotechnology firm focused on immunomodulatory therapeutic development.

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