{"id":758092,"date":"2023-05-11T16:33:05","date_gmt":"2023-05-11T20:33:05","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/eledon-pharmaceuticals-reports-first-quarter-2023-operating-and-financial-results\/"},"modified":"2023-05-11T16:33:05","modified_gmt":"2023-05-11T20:33:05","slug":"eledon-pharmaceuticals-reports-first-quarter-2023-operating-and-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/eledon-pharmaceuticals-reports-first-quarter-2023-operating-and-financial-results\/","title":{"rendered":"Eledon Pharmaceuticals Reports First Quarter 2023 Operating and Financial Results"},"content":{"rendered":"
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\n Reported open-label data from ongoing Phase 1b trial of tegoprubart in kidney transplantation demonstrating mean eGFRs from 3 participants above 70 mL\/min\/1.73m<\/em>
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\n 2<\/em>
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\n at measured timepoints<\/em>
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\n Completed financing of up to $185 million, with $35 million upfront, to fund the Company through the Phase 2 BESTOW kidney transplant trial, subject to achieving specific milestones<\/em>\n <\/p>\n

\n Conference call today at 4:30 p.m. ET<\/em>\n <\/p>\n

IRVINE, Calif., May 11, 2023 (GLOBE NEWSWIRE) — Eledon Pharmaceuticals, Inc.\u00a0(\u201cEledon\u201d) (NASDAQ: ELDN) today reported its first quarter operating and financial results and reviewed recent business highlights.<\/p>\n

\u201cEledon made significant progress this year in advancing the clinical development of tegoprubart as well as securing financing for its future development. We are now well positioned to make significant strides in our evaluation of tegoprubart as a potential and much needed replacement for CNIs in kidney transplant immunomodulation,\u201d said David-Alexandre C. Gros, M.D., Chief Executive Officer. \u201cThe data we presented from our ongoing Phase 1b study demonstrating clinical benefit in the prevention of rejection and the protection of kidneys after transplantation validate our focus on tegoprubart as a potentially transformational therapeutic option for patients receiving kidney transplants. Following our recent financing, we are now well capitalized and are building strong momentum heading into the initiation of our Phase 2 BESTOW trial in the middle of this year. We are excited to evaluate tegoprubart in comparison to the standard of care, while continuing to generate incremental data from our Phase 1b study which we plan to report later in the year.\u201d<\/p>\n

\n First Quarter 2023 and Recent Corporate Developments<\/strong>\n <\/p>\n