Welcome to our dedicated page for Elevation Oncology news (Ticker: ELEV), a resource for investors and traders seeking the latest updates and insights on Elevation Oncology stock.
Elevation Oncology, Inc. (Nasdaq: ELEV) is committed to transforming cancer treatment by developing targeted therapeutics tailored to the unique genomic alterations of each patient's tumor. Founded on the belief that every cancer patient deserves to understand the drivers of their disease, Elevation Oncology focuses on making genomic tests actionable by developing drugs to address specific alterations.
The company's prominent clinical candidate, seribantumab, targets tumors driven by NRG1 fusions and is currently undergoing Phase 2 clinical trials in the CRESTONE study. Another pioneering project, EO-3021, is a promising antibody-drug conjugate (ADC) focusing on Claudin 18.2-expressing cancers. EO-3021 is designed to selectively deliver a payload to cancer cells, minimizing collateral damage to healthy cells. The U.S. FDA has cleared an Investigational New Drug application for EO-3021, and the Phase 1 clinical trial has already commenced in the United States and Japan.
In addition to its robust pipeline, Elevation Oncology has received strategic backing from prominent investors such as Aisling Capital, Vertex Ventures HC, Qiming Venture Partners USA, Driehaus Capital Management, and BVF Partners. This financial support underscores the confidence in the company's innovative approach and potential for significant impact on cancer treatment.
The latest news includes the announcement from August 3, 2023, revealing financial results for the second quarter of 2023 and highlighting the successful public offering of $46.5 million in net proceeds. Additionally, as of June 30, 2023, Elevation Oncology holds cash reserves of $107.9 million, sufficient to fund operations into the second half of 2025. Furthermore, the first patient has been dosed in the Phase 1 trial for EO-3021, with promising initial data expected by mid-2024.
Elevation Oncology continues to advance its pipeline with a vision to expand treatment options through new and existing partnerships. The company’s focus on precision medicine aims to deliver better outcomes for patients with significant unmet medical needs, reaffirming its commitment to innovation and patient-centered care.
Elevation Oncology (ELEV) has nominated EO-1022 as its HER3 ADC development candidate for treating HER3-expressing solid tumors. EO-1022 combines seribantumab, an anti-HER3 monoclonal antibody, with an MMAE payload using Synaffix's technology platform. The company has secured a global license agreement with Synaffix for their GlycoConnect®, HydraSpace®, and SYNstatin E™ technologies.
HER3 is expressed in various cancers including breast cancer, EGFR-mutant non-small cell lung cancer, and pancreatic cancer. The company plans to present preclinical data in 1H 2025 and file an IND application in 2026. Seribantumab has already demonstrated a well-tolerated safety profile in over 900 patients across multiple studies.
Elevation Oncology (ELEV) presented preclinical data demonstrating enhanced anti-tumor activity when combining their EO-3021 Claudin 18.2 antibody-drug conjugate (ADC) with VEGFR2 or PD-1 inhibitors. Key findings show:
- Combination with VEGFR2 inhibitor achieved 88.2% tumor growth inhibition vs 20.1% for EO-3021 alone
- Combination with PD-1 inhibitor reached 79.9% tumor growth inhibition vs 33.8% for EO-3021 alone
- 92% complete response rate in mice with PD-1 inhibitor combination vs 50% for EO-3021 monotherapy
The company plans to initiate combination trials with ramucirumab and dostarlimab in Q4 2024 for gastric/GEJ cancer patients, while continuing monotherapy trials with additional data expected in H1 2025.
Elevation Oncology (Nasdaq: ELEV) has announced its participation in the Piper Sandler 36th Annual Healthcare Conference. Joseph J. Ferra, President and Chief Executive Officer, will engage in a fireside chat on Tuesday, December 3, 2024, at 8:30 a.m. ET. The company, which specializes in developing selective cancer therapies for patients with solid tumors, will provide a live webcast of the event, accessible through their Investor Relations website. A replay will also be available for those unable to attend the live presentation.
Elevation Oncology (ELEV) reported Q3 2024 financial results and progress on EO-3021, their Claudin 18.2 antibody-drug conjugate. Key highlights include a 42.8% confirmed objective response rate in Claudin 18.2-enriched gastric and GEJ cancer patients, with a favorable safety profile. The company received FDA Fast Track designation for EO-3021 and progressed to the dose expansion phase, with additional data expected in 1H 2025.
Financial results show cash position of $103.1 million, Q3 net loss of $12.9 million, and funding runway into 2026. R&D expenses increased to $9.4 million from $7.4 million year-over-year, while G&A expenses rose to $3.8 million from $3.5 million.
Elevation Oncology (Nasdaq: ELEV) announced that the FDA has granted Fast Track designation to EO-3021, a differentiated antibody drug conjugate, for treating advanced or metastatic gastric and gastroesophageal junction (GC/GEJ) cancer expressing Claudin 18.2 that has progressed after prior therapy. This designation is based on nonclinical and initial clinical data from the ongoing Phase 1 trial, which showed a confirmed overall response rate of 42.8% in a Claudin 18.2-enriched subset of GC/GEJ cancer patients. The company observed differentiated tolerability with minimal MMAE-associated toxicities. Elevation Oncology plans to report additional data in the first half of 2025 and initiate the combination portion of the study later this year.
Elevation Oncology (Nasdaq: ELEV), a company focused on developing selective cancer therapies for solid tumors, has announced its participation in the H.C. Wainwright 26th Annual Global Investment Conference. CEO Joseph J. Ferra will engage in a fireside chat on Tuesday, September 10, 2024, at 11:30 am ET.
The event will be accessible via a live webcast, with a replay available afterwards. Interested parties can view the webcast on the Events page of Elevation Oncology's Investor Relations website at https://investors.elevationoncology.com. This presentation offers an opportunity for investors and analysts to gain insights into the company's innovative approach to cancer treatment and its future prospects in the oncology sector.
Elevation Oncology (Nasdaq: ELEV) reported promising initial data from its Phase 1 clinical trial of EO-3021, showing a 42.8% confirmed ORR in Claudin 18.2-enriched gastric and GEJ cancer patients. The company is advancing to the dose expansion phase, with additional monotherapy data expected in 1H 2025. Elevation secured agreements with Lilly and GSK to evaluate EO-3021 in combination with ramucirumab and dostarlimab, respectively. The company remains on track to nominate a development candidate for its HER3-ADC program in 2H 2024.
Financially, Elevation reported $110.8 million in cash and equivalents as of June 30, 2024, up from $83.1 million at the end of 2023. Q2 2024 R&D expenses were $6.6 million, while G&A expenses were $4.4 million. The net loss for Q2 2024 was $10.5 million. The company expects its current cash position to fund operations into 2026.
Elevation Oncology (Nasdaq: ELEV) announced promising initial data from the Phase 1 clinical trial of EO-3021 in patients with advanced solid tumors likely to express Claudin 18.2. Key highlights include:
1. 42.8% confirmed objective response rate in Claudin 18.2-enriched gastric and GEJ cancer subset.
2. Differentiated safety profile with minimal MMAE-associated toxicities.
3. Advancing to dose expansion phase; additional monotherapy data expected in 1H 2025.
4. Combination portion of Phase 1 trial to begin by year-end 2024.
The trial showed EO-3021 to be generally well-tolerated with no Grade 4 or 5 treatment-related adverse events. The company plans to explore doses of 2.0 mg/kg and 2.5 mg/kg IV Q3W in the expansion phase.
Elevation Oncology announces plans to expand its Phase 1 clinical trial of EO-3021, targeting advanced gastric or gastroesophageal junction cancer. The trial will now include combination cohorts with ramucirumab (a VEGFR2 inhibitor) and dostarlimab (a PD-1 inhibitor), thanks to clinical supply agreements with Lilly and GSK. Dosing for these combinations is expected to start by the end of 2024.
The company aims to improve treatment outcomes by combining EO-3021 with these agents, potentially offering better safety and efficacy profiles. Initial data from the EO-3021 monotherapy trial is anticipated by mid-Q3 2024, with more data expected in the first half of 2025.
Elevation Oncology, Inc. (Nasdaq: ELEV) will have its CEO, Joseph J. Ferra, participate in a fireside chat at the Citizens JMP Life Sciences Conference on May 14, 2024. The company focuses on developing cancer therapies for solid tumors with unmet medical needs.
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