Elicio Therapeutics Reports Inducement Grant to New Chief Financial Officer

BOSTON, June 02, 2023 (GLOBE NEWSWIRE) -- Elicio Therapeutics (Nasdaq: ELTX), a clinical-stage biotechnology company developing a pipeline of novel immunotherapies for the treatment of cancer, today announced the grant of an inducement award to the Company’s newly appointed Chief Financial Officer, Brian Piekos. In connection with Mr. Piekos’ appointment, the Elicio Board of Directors approved a stock option grant to Mr. Piekos as an inducement material to Mr. Piekos entering into employment with Elicio in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option provides for the purchase of up to 75,484 shares of Elicio common stock at a price of $10.00 per share, the closing price per share of Elicio common stock as reported by Nasdaq on June 1, 2023, the date of grant, and vests over four years, with 25 percent of the shares vesting on the first anniversary of Mr. Piekos’ employment start date, and the remainder vesting ratably at the end of each subsequent month thereafter, subject to Mr. Piekos’ continued service relationship with Elicio through the applicable vesting dates.

About Elicio Therapeutics

Elicio Therapeutics is a clinical-stage biotechnology company developing a pipeline of novel immunotherapies for the treatment of cancer. By combining expertise in immunology and immunotherapy, Elicio is engineering investigational Amphiphile (AMP) immunotherapies intended to precisely target and fully engage the lymph nodes, the site in our bodies where the immune response is orchestrated. Elicio is engineering lymph node-targeted AMPlifiers, immunomodulators, adjuvants and vaccines for an array of aggressive cancers.

Elicio began dosing subjects in AMPLIFY-201, its Phase 1 clinical trial in solid tumor subjects for its lead AMP immunotherapy, ELI-002 2P, targeting mKRAS-driven cancers, in October 2021 and began dosing subjects with the new formulation, ELI-002 7P, in April 2023. The AMP platform emerged from the laboratories of Darrell Irvine, Howard Hughes Investigator and Professor of Biomedical Engineering in the Koch Institute of Integrative Cancer Research at MIT.

About ELI-002

ELI-002 is a structurally novel investigational AMP therapeutic immunotherapy targeting mutant KRAS-driven cancers. KRAS mutations are among the most prevalent human cancers. The seven KRAS driver mutations targeted by the ELI-002 7P formulation are present in 25% of all solid tumors. In particular, 93% of pancreatic ductal adenocarcinoma and 52% of colorectal cancers, those most prevalent in the AMPLIFY-201 study, are positive for KRAS mutations. In addition, 27% of non-small cell lung cancers are positive for KRAS mutations. ELI-002 is comprised of AMP-modified mutant KRAS peptide antigens and ELI-004, an AMP-modified immune-stimulatory oligonucleotide CpG adjuvant. The AMP mKRAS peptides and AMP CpG are targeted to the lymph node where they can potentially enhance the action of key immune cells.