Eliem Therapeutics, Inc announced that it will issue 7,692,306 series B preferred stock at a price of $7.8 per share for gross proceeds of $59,999,986.8 on May 20, 2021. The shares carry cumulative fixed dividend rate of 8% per share per annum. The shares will be convertible into common shares at a fixed conversion price of $7.8 per share.

The round will be raised at a post-money valuation of $270,069,072. The company will issue securities pursuant to exemption provided under Regulation D.