ICG makes its first Life Sciences investment

Intermediate Capital Group (“ICG”) is pleased to announce that its Life Sciences team has closed its first transaction since joining ICG in January 2021.

The first investment is in Eliem Therapeutics, Inc., a clinical stage biotechnology company focused on advancing potentially “best-in-class” drug candidates in chronic pain, depression, epilepsy, and anxiety – conditions that cause deep suffering for many millions of people each day.

Eliem, whose R&D function is based in Cambridge UK, today announced $80 million in financing since its inception. ICG has invested in the company’s recently closed round alongside Life Sciences investors RA Capital Management and Access Biotechnology.

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 1 clinical studies, prior to evaluation in several disorders, including major depressive disorder, hormone-related mood disorders (e.g., perimenopausal mood disorders or post-partum depression), and focal onset epilepsy.

ICG hired the five-person Life Sciences Investment team in January 2021, a strategic move enabling it to take advantage of the UK’s leading position in European Life Sciences and extending its long-standing track record of investing in more mature healthcare companies.

“Eliem offers a unique combination of exceptional leadership talent with an R&D pipeline capable of transforming lives of patients with devastating chronic diseases”, said Simon Tate, Managing Director, Life Sciences at ICG, and a Board member of Eliem Therapeutics.

Bob Azelby, President and CEO of Eliem Therapeutics said:

I am delighted that ICG has joined the investor syndicate and recognise the value that Simon brings to the company, having been involved in shaping the strategic direction of Eliem, since its formation.

Benoit Durteste, CIO and CEO of ICG commented:

Less than two months after joining, we are delighted that the 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.

For further details please contact:

Fiona Laffan
Global Head of Corporate Affairs
Tel: +44 (0)203 5451510
Email: [email protected]

About ICG

ICG provides capital to help companies grow. We are a global alternative asset manager with over 30 years’ history, managing €47.2bn of assets in private debt, credit and equity, principally in closed-end funds.*

We develop long-term relationships with our business partners to deliver value for shareholders, clients and employees, and use our position of influence to benefit the environment and society. We operate across four strategic asset classes: corporate, capital market, real asset and secondary investments. In addition to growing existing strategies, we innovate and pioneer new strategies where the market opportunity exists. ICG is listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at: www.icgam.com. You can follow ICG on LinkedIn.

*As at 31 December 2020

About Eliem Therapeutics, Inc.

Eliem Therapeutics, Inc. is a clinical stage biotechnology company focused on developing therapies for neuronal excitability disorders with the goal of restoring balance in both the peripheral and central nervous systems to help patients live on their own terms. Eliem channels its experience, energy, and passion for improving patients’ quality of life by developing life-changing novel therapies for disorders such as chronic pain, depression, epilepsy, focal onset seizures, and anxiety – conditions that make simple daily activities challenging for impacted patients. At its core, the Eliem team is motivated by the promise of helping patients live happier, more fulfilling lives.