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 (Nasdaq: ELEV) recently presented preclinical data for its lead candidate EO-3021 targeting Claudin 18.2 at the AACR Annual Meeting 2023. The antibody-drug conjugate displayed anti-tumor efficacy in various cancers like gastric and pancreatic in preclinical models. Notably, EO-3021 achieved a confirmed partial response in a patient with metastatic gastric cancer during a Phase 1 trial in China, showing a 66.7% tumor reduction over approximately 11 months of treatment. The company plans to initiate a US Phase 1 clinical trial in the latter half of 2023, further advancing EO-3021's development aimed at addressing significant unmet medical needs in oncology.
Elevation Oncology (Nasdaq: ELEV) has announced it will present preclinical proof-of-concept data for its drug candidate EO-3021 at the AACR Annual Meeting 2023 in Orlando, Florida, from April 14-19, 2023. The oral presentation is scheduled for April 17, showcasing EO-3021, an antibody-drug conjugate targeting Claudin 18.2, which may become a leading treatment for solid tumors. Additionally, two posters will detail findings from a Phase 2 CRESTONE study on NRG1 fusions. The company aims to initiate a Phase 1 clinical trial for EO-3021 in the U.S. in the latter half of 2023.
Elevation Oncology (Nasdaq: ELEV) reported its financial results for Q4 2022, revealing a net loss of $19 million, up from $9.6 million in Q4 2021. The company has $90.3 million in cash and equivalents, sufficient to fund operations into Q4 2024. Key developments include the prioritization of EO-3021, a promising antibody-drug conjugate targeting solid tumors with Claudin 18.2, with preclinical data expected in H1 2023 and the initiation of a Phase 1 trial in the US in H2 2023. Additionally, there has been a workforce reduction of about 30% and a pause in investment in seribantumab's clinical development.
Elevation Oncology (Nasdaq: ELEV) announced participation in key investor conferences this March. They will attend the Cowen 43rd Annual Health Care Conference on March 7 at 12:50 p.m. ET focusing on GI/GU Oncology. Additionally, they will present at the Oppenheimer 33rd Annual Healthcare Conference on March 15 at 8:00 a.m. ET. A live webcast and replay will be accessible on their Investor Relations website. Elevation Oncology is dedicated to developing selective cancer therapies, like their lead candidate, EO-3021, targeting Claudin18.2.
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.
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