ICG invests in $80m round for Eliem Therapeutics

Alessia Argentieri
25 March 2021

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Intermediate Capital Group (ICG) has invested in an $80m round for Eliem Therapeutics, a biotech company developing drugs for neurological disorders, as part of its new ICG Life Sciences strategy.

Life-sciences-dedicated investors RA Capital Management and Access Biotechnology also took part in the round.

This is the first investment made by ICG Life Sciences, which was launched in January 2021. The firm hired Bridge Valley Ventures' life sciences investment team, to be led by Allan Marchington.

The team invests in clinical- and late-stage, but not early-stage, biotechnology companies to enter the broader healthcare sector. It focuses on making equity investments in companies based across the UK, continental Europe and North America.

Headquartered in Redmond, the US, Eliem is a clinical-stage biotechnology company focused on developing drug candidates for the treatment of chronic pain, depression, epilepsy and anxiety. The company R&D facilities are based in Cambridge, the UK.

Eliem is progressing two clinical-stage programmes, the most advanced of which, ETX-810 for chronic pain, is an investigational novel first-in-class, non-opioid new chemical entity, with clinical trials underway in lumbosacral radicular pain (chronic sciatica) and diabetic neuropathic pain.

The second programme, ETX-155, is an investigational next-generation neuroactive steroid that is completing phase-I clinical studies, prior to evaluation in several disorders, including major depressive disorder, hormone-related mood disorders and focal onset epilepsy.

Benoit Durteste, CEO of ICG, said: "Less than two months after joining, we are delighted that our life sciences investment team has already completed its first transaction with such an exciting company, focused on delivering transformational new medicines to patients with a very high unmet clinical need.

"This transaction is an excellent example of how our life sciences strategy provides opportunities to invest in high quality and resilient assets with strong value creation potential that can positively and materially impact society."