Elicio Therapeutics (ELTX) has priced a registered direct offering of about 4.4 million common shares for gross proceeds of about $15 million, the company said Thursday.

The offering, led by two new fundamental institutional investors and an existing shareholder, is expected to close on or about July 6, Elicio said.

Net proceeds will be used to primarily fund the planned phase 1 clinical development of ELI-002 7P, as well as its pipeline and platform, working capital, and general corporate purposes, the company said.