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, Inc. (Nasdaq: ELEV) announced that Interim CEO Joseph Ferra will present at the SVB Securities Global Biopharma Conference on February 15, 2023, at 4:20 pm ET. The event will feature a live webcast available on the Company's Investor Relations website.
Elevation Oncology focuses on developing selective cancer therapies for patients with significant unmet medical needs. Its lead candidate, EO-3021, aims to target Claudin18.2, delivering a cytotoxic payload directly to cancer cells. The company is advancing EO-3021 into clinical trials in the US across multiple solid tumor indications.
Elevation Oncology, Inc. (Nasdaq: ELEV) announced that Joseph Ferra, Interim CEO and CFO, will present at the 41st Annual J.P. Morgan Healthcare Conference on January 12, 2023, at 9:45 am PT. The event will be accessible via a live webcast on the Company's Investor Relations website. Elevation Oncology focuses on developing selective cancer therapies for solid tumors, with its lead candidate, EO-3021, targeting Claudin18.2.
Elevation Oncology (Nasdaq: ELEV) announced a strategic shift prioritizing EO-3021, a potential best-in-class antibody-drug conjugate (ADC) targeting Claudin18.2, and other pipeline programs. The company will pause further investment in seribantumab, seeking future development partnerships. A leadership change occurred with Joseph Ferra appointed as Interim CEO following Shawn Leland's resignation. Additionally, Elevation plans a 30% workforce reduction to extend its cash runway into Q4 2024, supported by a cash position of approximately $90.3 million as of December 31, 2022.
Elevation Oncology, Inc. (Nasdaq: ELEV) announced that Shawn M. Leland, CEO, will participate in a fireside chat at the JMP Securities Hematology and Oncology Summit on December 6, 2022, at 11:00 am ET. This event will be webcast live, and a replay will be available on the Company's Investor Relations website. Elevation Oncology focuses on developing precision medicines for genomically defined cancers, with key products like seribantumab and EO-3021.
Elevation Oncology (Nasdaq: ELEV) announced its financial results for Q3 2022, reporting a net loss of $38.8 million, compared to $12.3 million in Q3 2021. Cash, cash equivalents, and marketable securities totaled $107.9 million, down from $122.5 million. The company is progressing with the Phase 2 CRESTONE study for seribantumab, expecting to report additional interim data in H1 2023. Additionally, preparations are underway for a Phase 1 clinical trial of EO-3021 in solid tumors in 2023. Elevation Oncology anticipates that existing cash will fund operations into 2024.
Elevation Oncology (ELEV) announced its Q2 2022 financial results, highlighting significant progress in its clinical pipeline. The presentation of the Phase 2 CRESTONE study data for seribantumab showcased a 33% response rate among evaluable patients with NRG1 fusions. Elevation secured Fast Track designation from the FDA for seribantumab and executed a licensing deal for EO-3021, targeting Claudin18.2, with a $27 million upfront payment. The company reported a net loss of $19.9 million and had $122.5 million in cash as of June 30, 2022.
Elevation Oncology, Inc. (Nasdaq: ELEV) announced that CEO Shawn M. Leland will participate in a fireside chat at the Wedbush PacGrow Healthcare Conference on August 9, 2022, at 10:55 am ET. The event will be available via live webcast on the Company's Investor Relations website. Elevation Oncology focuses on developing precision medicines for patients with genomically defined cancers, with its leading candidate, seribantumab, targeting NRG1 fusions in solid tumors. Additional information can be found on their website.
Elevation Oncology, Inc. (Nasdaq: ELEV) has secured a $50 million senior secured loan facility from K2 HealthVentures. The initial $30 million tranche will primarily fund the exclusive licensing of EO-3021 (SYSA1801) outside Greater China from CSPC Pharmaceutical Group. This move aims to enhance Elevation's clinical oncology pipeline and financial flexibility. The company expects its cash reserves to support operations into 2024, with future proceeds potentially backing ongoing development and expansion efforts.
Elevation Oncology has secured exclusive global rights (excluding Greater China) to develop EO-3021 (SYSA1801), a clinical-stage ADC targeting Claudin18.2, expected to initiate a U.S. Phase 1 trial in 2023. This licensing agreement with CSPC Megalith includes a $27 million upfront payment and up to $1.148 billion in potential milestone payments. The addition of EO-3021 enhances Elevation's precision oncology pipeline, focusing on genomically defined solid tumors. The agreement marks a significant step in Elevation's growth strategy and potential market expansion.
Elevation Oncology, Inc. (Nasdaq: ELEV) announced that its CEO, Shawn M. Leland, will participate in a fireside chat at Cowen's 3rd Annual Oncology Innovation Summit on June 2, 2022, at 9:30 am ET. This event highlights Elevation's commitment to developing precision medicines for patients with genomically defined cancers. Elevation's lead candidate, seribantumab, is currently in the Phase 2 CRESTONE study for treating tumors with NRG1 fusions. A live webcast will be available on their Investor Relations website.
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