Eloxx Pharmaceuticals Seeks to Raise $50 Million in Public Offering

Eloxx Pharmaceuticals, Inc. (Nasdaq:ELOX) on 4/25/18 announced the pricing of an underwritten public offering of 5,130,000 shares of its common stock at a price to the public of $9.75 per share. The gross proceeds to Eloxx from the offering are expected to be approximately $50 million, before deducting the underwriting discounts and commissions and offering expenses. The offering is expected to close on or about April 30, 2018, subject to customary closing conditions. In addition, Eloxx has granted the underwriters a 30-day option to purchase up to 769,500 additional shares of its common stock at the public offering price, less the underwriting discounts and commissions.

Eloxx is focussed on discovering and developing novel therapeutics for the treatment of rare and ultra-rare premature stop codon diseases. Their lead candidate ELX-02 is designed to increase the read-through activity in patients with nonsense mutations and enable the production of sufficient amounts of full-length protein to restore activity of the mutated protein. A nonsense mutation is a genetic mutation in a DNA sequence that results in a shorter, unfinished protein product.

On 4/18/18 Eloxx announced that they plan to initiate a Phase 2 clinical trial in cystic fibrosis patients with nonsense mutations by the end of this year, subject to regulatory clearance of our CTA in Belgium.