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Enliven Therapeutics Raises $90M in PIPE Financing

NEW YORK – Enliven Therapeutics on Tuesday said it has raised $90 million in a private investment in public equity (PIPE) financing to advance its pipeline of small molecule kinase inhibitors.

Enliven, based in Boulder, Colorado, agreed to sell 5,357,144 shares of its common stock at a price of $14.00 per share along with pre-funded warrants to purchase 1,071,505 shares of its common stock at $13.999 per warrant. The PIPE financing is expected to close on March 21.

Investors participating in the financing include Commodore Capital, Fairmount, Venrock Healthcare Capital Partners, Rock Springs Capital, Logos Capital, Woodline Partners, and Acuta Capital Partners, as well as an unnamed biotech investor and an unnamed large mutual fund.

The firm will use proceeds from the financing to fund research and development of its clinical-stage product candidates, other research programs, working capital, and general corporate purposes. Enliven has two clinical-stage candidates: ELVN-001, which targets the BCR-ABL gene fusion, and ELVN-002, a HER2 inhibitor.

Enliven is studying ELVN-001 in a Phase I trial in chronic myeloid leukemia with and without T315I mutations and will present initial proof-of-concept data from that trial next month. The firm expects to begin a Phase I trial in Q2 evaluating ELVN-002 with Genentech's Herceptin (trastuzumab) with or without chemo in HER2-positive metastatic breast cancer and colorectal cancer. There is also an ongoing monotherapy Phase I trial of ELVN-002 in solid tumors, particularly non-small cell lung cancer, that harbor HER2 mutation, amplification, or high HER2 over-expression.

The proceeds from the PIPE financing, plus current cash, cash equivalents, and marketable securities, are expected to fund operations into late 2026. In 2022, Enliven merged with Imara and raised $165 million in a concurrent private financing.