05:27 PM EDT, 06/27/2024 (MT Newswires) -- Elicio Therapeutics ( ELTX ) said late Thursday it has launched an underwritten public offering of its shares and accompanying warrant, with Jones as its book-running manager.

In lieu of shares, the company said it is also offering pre-funded warrants and accompanying warrants to certain investors.

Elicio said it will use the net proceeds to progress its pipeline, for working capital and general corporate purposes.

The clinical-stage biotechnology company also said a phase 1a study of its vaccine candidate candidate, ELI-002 7P, showed preliminary "encouraging" disease-free survival data in pancreatic ductal adenocarcinoma.

The preliminary data showed patients receiving ELI-002 7P at the phase 2 dose were yet to reach the median disease-free survival endpoint as of the May 24 data cutoff date, the firm said.

Shares of the company tumbled about 25% in after-hours activity.

Price: 5.10, Change: -1.79, Percent Change: -25.98