Eledon Pharmaceuticals, Inc. announced the pricing of an underwritten offering on October 29, 2024, expected to generate approximately $85 million in gross proceeds. The offering includes 18,356,173 shares of common stock priced at $3.65 per share and pre-funded warrants to purchase up to 4,931,507 shares at $3.649 per pre-funded warrant, with an exercise price of $0.001 per share.
The company intends to use the net proceeds from this offering to advance its clinical pipeline, support working capital needs, and for general corporate purposes. This capital infusion is critical for Eledon as a clinical-stage biotechnology company with no product revenue.
The financing saw participation from both new and existing investors, including BVF Partners LP, RA Capital Management, Frazier Life Sciences, and Blue Owl Healthcare Opportunities. The offering was expected to close on or about October 30, 2024, subject to customary closing conditions.
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