Eledon Pharmaceuticals Announces $85 Million Stock Offering

Eledon Pharmaceuticals ( (ELDN) ) has shared an update.

Eledon Pharmaceuticals announced an $85 million underwritten offering of common stock and pre-funded warrants, with the proceeds intended to advance its pipeline and general corporate purposes. The offering, priced at $3.65 per share for common stock and $3.649 for pre-funded warrants, is expected to close by October 30, 2024, subject to customary conditions. This initiative aims to further Eledon’s development of immune-modulating therapies, including its lead product, tegoprubart, targeting life-threatening conditions.

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