Elicio Therapeutics, Inc., a biopharmaceutical company based in Boston, announced the appointment of Robert Connelly as the Principal Accounting Officer and Principal Financial (NASDAQ:PFG) Officer, effective immediately. The announcement was made in a recent 8-K filing with the Securities and Exchange Commission.
Connelly, 64, has been serving as Elicio's Chief Executive Officer and President since the company's merger in June 2023. His tenure with the company extends back to October 2018, when he was CEO of Elicio Operating Company, Inc. With nearly four decades of experience in the life sciences sector, Connelly brings a wealth of knowledge and leadership to the role.
Before his time at Elicio, Connelly was the CEO of Axcella Health (OTC:AXLA) Inc. and held CEO positions at WikiCell Designs and Pulmatrix (NASDAQ:PULM), Inc. Additionally, he was the founding CEO of Domantis Ltd., which was later acquired by GSK plc. His early career included roles with Abbott Laboratories (NYSE:ABT) and BioVeris Corporation.
Connelly's board experience includes positions at Kaleido Biosciences (NASDAQ:KLDO), Inc., Anchiano Therapeutics (NASDAQ:CMMB) Ltd., and several private biopharmaceutical companies. He also served as a Venture Partner with Flagship Pioneering, focusing on the creation and management of biotechnology portfolio companies.
According to the 8-K filing, there are no familial relationships between Connelly and any of Elicio's directors or other executive officers. Moreover, there are no disclosed transactions involving Connelly that are subject to disclosure under SEC regulations.
This appointment comes as Elicio continues to develop its pipeline of pharmaceutical preparations. The company, formerly known as Angion Biomedica Corp., is incorporated in Delaware and has its fiscal year end on December 31. Connelly's comprehensive experience in the sector could be beneficial for Elicio as it navigates the complex landscape of biopharmaceutical development and finance.
The information for this article is based on a press release statement filed with the SEC.
In other recent news, Elicio Therapeutics has announced the resignation of its Chief Financial Officer (CFO) and Treasurer, Brian Piekos, who plans to step down to pursue a new opportunity.
The pharmaceutical company revealed this development in a recent filing with the Securities and Exchange Commission (SEC), stating that Piekos' resignation does not stem from any disagreements with the company over financial reporting or accounting practices.
Simultaneously, Elicio Therapeutics has unveiled plans to raise approximately $11.5 million through an underwritten public offering, which includes common stock and warrants, as well as pre-funded warrants for specific investors.
In addition, the company has shared preliminary data from its AMPLIFY-7P Phase 1a study of its cancer vaccine candidate, ELI-002 7P. The initial findings suggest a correlation between strong T cell responses and reductions in tumor biomarker levels, implying a decreased risk of progression or death.
Elicio Therapeutics anticipates further clinical data updates from the AMPLIFY Phase 1 trials, with a randomized Phase 2 interim analysis expected in the first quarter of the following year.
InvestingPro Insights
As Elicio Therapeutics, Inc. (ELTX) appoints Robert Connelly to the dual role of Principal Accounting Officer and Principal Financial Officer, investors should be aware of some key financial metrics and insights provided by InvestingPro.
The company's market capitalization stands at $51.11 million, reflecting its current position in the biopharmaceutical sector. However, InvestingPro Tips highlight that Elicio is "quickly burning through cash" and "suffers from weak gross profit margins." These factors are particularly relevant given Connelly's new financial oversight responsibilities and the challenges he may face in managing the company's resources.
Additionally, InvestingPro Data shows that Elicio's operating income for the last twelve months as of Q2 2024 was -$41.33 million, with a basic EPS of -$4.01. These figures underscore the financial hurdles the company is facing, which Connelly will need to address in his expanded role.
On a more positive note, the stock has shown a strong return of 14.46% over the last month, despite a significant 48.92% decline over the past six months. This recent uptick could potentially be linked to investor optimism surrounding leadership changes and strategic decisions.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for Elicio Therapeutics, providing a deeper understanding of the company's financial position and market performance.
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