Washington-based biotech Eliem Therapeutics announced this week that it will be laying off 55% of its workers, in an attempt to extend its cash runway into 2027.
The company — which focuses on developing novel therapies for neuronal excitability disorders for disorders such as epilepsy, chronic pain, and other central nervous systems — also announced it pausing the clinical development of ETX-155, a novel GABAA receptor positive allosteric modulator neuroactive steroid for major depressive disorder.
Instead, Eliem is looking to focus now on its lead Kv7.2/3 program and the development of its candidate ETX-123, which has demonstrated clinical validation in epilepsy, pain and depression disorders. With the new corporate reorganization, the company is planning to commence a first-in-human phase 1 trial in the first half of 2024.
As part of the reorg plan, the job cuts will be made in the first half of 2023. Eliem's CEO, Bob Azelby, is leaving, along with the company's CFO and its general counsel.