Eledon Pharmaceuticals provides Q2 corporate update

Eledon Pharmaceuticals reported recent business highlights for Q2. The company enrolled the 80th participant in July 2024 in the ongoing Phase 2 BESTOW trial assessing tegoprubart head-to-head with tacrolimus for the prevention of organ rejection in kidney transplantation. The company also presented updated data at the American Transplant Congress in June from the ongoing Phase 1b open-label trial evaluating tegoprubart for the prevention of organ rejection in kidney transplant patients, in which tegoprubart was generally safe and well tolerated, with an overall mean estimated glomerular filtration rate of all reported time points after day 30 post-transplant of 70.5 mL/min/1.73m2. Ended Q2 with $83.6M in cash and cash equivalents, which includes the $50.0M received in the private placement financing transaction during Q2. “We have entered the second half of the year with a strong balance sheet following our oversubscribed $50M private placement and we are highly encouraged by the progress and reception from the transplant community for our Phase 2 BESTOW trial, which remains on track to complete enrollment by the end of this year,” said CEO David-Alexandre C. Gros. “Looking at this progress and the data we presented in June, we continue to believe that tegoprubart has the potential to displace calcineurin inhibitors, the current standard of care, as a first-line immunosuppression agent for patients undergoing kidney transplant.”