Eledon's Tegoprubart Shows Sustained Kidney Function, No Rejection in Long-Term Phase 2 Data; Prepares for Phase 3
ELDN has more than doubled off its 52-week low of $1.35 on elevated volume (1.9× avg).
Summary
Eledon Pharmaceuticals presented strong long-term Phase 2 BESTOW extension study results for its lead drug candidate, tegoprubart, in kidney transplant patients. The data showed a statistically significant 12 mL/min/1.73 m² higher mean eGFR at 18 months and no biopsy-proven acute rejection events after six months, compared to tacrolimus. These positive results, which also include improved patient-reported outcomes, significantly de-risk the program. This news is critical for Eledon, which recently filed a $500 million universal shelf and reported a widened net loss, indicating an urgent need for financing. The company is now preparing to advance tegoprubart into Phase 3 development.
At the time of this announcement, ELDN was trading at $3.92 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $302.6M. The 52-week trading range was $1.35 to $4.60. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: GlobeNewswire.