BOSTON, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Elicio Therapeutics, Inc. (NASDAQ:ELTX, "Elicio Therapeutics" or "Elicio")), a clinical-stage biotechnology company developing a pipeline of novel immunotherapies for the treatment of cancer, announced today that it entered into a securities purchase agreement dated August 12, 2024, pursuant to which Elicio has sold and issued a principal amount of $20.0 million in the form of a 3.0% Senior Secured Convertible Promissory Note due February 15, 2026 (the "Convertible Note") in a private placement in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"). The purchaser of the Convertible Note was GKCC, LLC, an entity controlled by a member of Elicio's Board of Directors (the "Purchaser"). The Convertible Note will be a senior, secured obligation of Elicio and its affiliates, and interest will accrue and be payable quarterly in cash on the principal amount equal to 3% per annum, with an initial interest payment date of June 30, 2025. The Convertible Note will mature on February 15, 2026 (the "Maturity Date"), unless earlier converted in accordance with the terms of the Convertible Note. The Convertible Note will be convertible into shares of Elicio's common stock (the "Common Stock"), at the option of the Purchaser at any time prior to the Maturity Date. The initial conversion price is $5.81 per share of the Common Stock, which is equal to approximately 135% of the closing price of Elicio's common stock on August 9, 2024. Jones acted as financial advisor for Elicio for the private placement. Elicio intends to use the net proceeds from the sale of the Convertible Note for working capital and general corporate purposes. In addition, Elicio granted the Purchaser certain customary registration rights with respect to the shares of Common Stock ...