Enliven completes Imara merger, raises $165M to fund cancer drug pipeline
What's the deal? Enliven Therapeutics has completed its merger with Imara and closed a concurrent $165 million private placement. The combined company operates under the Enliven Therapeutics name and begins trading on the Nasdaq Global Select Market under the ticker "ELVN" on February 24, 2023.
Who's involved? Enliven is a clinical-stage precision oncology company developing next-generation small molecule kinase inhibitors. Imara, its merger partner, enacted a 1-for-4 reverse stock split and issued contingent value rights to its stockholders. Prior Imara stockholders own about 16% of the combined company, which has roughly 41.1 million shares outstanding.
Who's backing it? The private placement was co-led by new investors FairmountDealroom has a profile for this one. Try Dealroom → and Venrock Healthcare Capital PartnersDealroom has a profile for this one. Try Dealroom →. Other new backers include Fidelity Management & Research CompanyDealroom has a profile for this one. Try Dealroom →, RA Capital Management, Frazier Life SciencesDealroom has a profile for this one. Try Dealroom →, and Commodore CapitalDealroom has a profile for this one. Try Dealroom →, alongside all of Enliven's existing institutional investors.
What's the endgame? The combined company will focus on advancing Enliven's two lead candidates: ELVN-001, a kinase inhibitor targeting chronic myeloid leukemia, and ELVN-002, a HER2 inhibitor for non-small cell lung cancer. Both are in Phase 1 trials. Enliven expects to nominate a third product candidate in the first half of 2023.
Why now? The financing gives the combined company a cash runway into early 2026, enough to reach multiple clinical milestones. "With a strong financial position, growing pipeline and experienced team, we are well positioned to achieve multiple clinical milestones," said co-founder and chief executive officer Sam Kintz.
The signal: Reverse mergers with cash-strapped listed biotechs remain a favoured route to public markets for private drug developers, pairing a Nasdaq listing with fresh capital in a single move. For Imara stockholders, it converts a stalled company into a stake in an active oncology pipeline.
Read more: orbimed.com
Image credit: National Institutes of Health (NIH)
