Angion Biomedica tanks on merger deal with Elicio Therapeutics

Elicio Therapeutics

17/01/2023 12:10

** Shares of biotech firm Angion Biomedica Corp  ANGN.O 
tumble 21% to 84 cents on merger agreement with privately held
firm Elicio Therapeutics in an all-stock transaction
    ** Merged co to continue as 'Elicio Therapeutics' and will
be listed as 'ELTX' on the Nasdaq composite index  .IXIC 
    ** Angion stockholders to own ~34.5% of merged co, while
Elicio stockholders will own ~65.5%
    ** As part of deal, Angion commits up to $10 mln as a bridge
loan to Elicio
    ** Investor rights law firm Halper Sadeh LLC is
investigating whether the merger of Angion Biomedica and Elicio
Therapeutics is fair to Angion shareholders  urn:newsml:reuters.com:*:nBw9MKl8Ra 
    ** Merged co to focus on advancing Elicio's proprietary
lymph node-targeting technology that would help develop a drug, 
ELI-002, to treat rectal cancer, ANGN says 
    ** Elicio currently enrolls patients for Phase 1 trial of
ELI-002 drug
    ** ANGN fell 72% in 2022 after its debut in early 2021
    ** Co has 30.11 mln shares outstanding
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))