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 announced positive initial results from its Phase 2 CRESTONE study evaluating seribantumab for treating advanced solid tumors with NRG1 fusions. The study showed a 33% overall response rate, including a 36% response in NSCLC patients, and a disease control rate exceeding 90%. Seribantumab was well-tolerated, with most adverse events being mild. The findings support seribantumab's potential as a new treatment option for difficult-to-treat tumors. The data will be presented at the 2022 ASCO Annual Meeting from June 3-7.
Elevation Oncology (Nasdaq: ELEV) has received Fast Track designation from the FDA for seribantumab as a tumor-agnostic treatment for advanced solid tumors with NRG1 gene fusions. This designation aims to expedite the drug's development due to its potential for addressing significant unmet medical needs, as there are currently no approved therapies targeting NRG1 fusions. Seribantumab is under evaluation in the Phase 2 CRESTONE study, with initial results expected to be presented at the ASCO 2022 meeting on June 7, 2022.
Elevation Oncology (ELEV) reported its first-quarter 2022 results, revealing cash reserves of $132.1 million, which are expected to sustain operations into Q4 2023. R&D expenses surged to $13.6 million compared to $4.1 million in Q1 2021, with a net loss of $17.3 million, up from $5.1 million year-over-year. The company announced initial seribantumab data will be presented at ASCO 2022, highlighting their focus on NRG1 fusions. Additionally, Dr. David Dornan was appointed Chief Scientific Officer to strengthen the development pipeline.
Elevation Oncology (Nasdaq: ELEV) announced that its abstract on the Phase 2 CRESTONE study of seribantumab has been selected for an oral presentation at the ASCO 2022 Annual Meeting in June. This ongoing study focuses on patients with solid tumors harboring an NRG1 fusion who have previously progressed after standard therapy. The aim is to evaluate seribantumab's efficacy and safety, catering to an underserved patient population without approved targeted therapies.
Elevation Oncology, Inc. (Nasdaq: ELEV) announced the appointment of David Dornan, Ph.D. as the new Chief Scientific Officer. Dr. Dornan brings nearly two decades of oncology drug development experience, previously serving as CSO at Bolt Biotherapeutics and head of Oncology Research at Gilead. Shawn M. Leland, CEO, expressed confidence in Dr. Dornan's ability to advance the company's scientific strategy and expand its product pipeline. Elevation aims to develop precision medicines for genomically defined cancers, focusing on their lead candidate, seribantumab, currently evaluated in the Phase 2 CRESTONE study.
Elevation Oncology (Nasdaq: ELEV) reported its 2021 financial results showcasing substantial growth and strategic advancements. The company raised $106.5 million through an IPO and is progressing in its Phase 2 CRESTONE study of seribantumab, focusing on patients with NRG1 fusions. R&D expenses increased to $23.6 million, driven by clinical trial activities, while net losses mounted to $32 million for the year. Cash reserves stood at $146.3 million, poised to sustain operations into Q2 2023. Initial clinical data from the CRESTONE study is expected in mid-2022.
Elevation Oncology, Inc. (Nasdaq: ELEV) announced its participation in two investor conferences this March. The first is the Cowen 42nd Annual Health Care Conference on March 8 at 12:50 p.m. ET, focusing on tumor-agnostic development. The second is the Oppenheimer 32nd Annual Healthcare Conference on March 16 at 12:40 p.m. ET. Both presentations will be available via live webcast on the company's Investor Relations website. Elevation Oncology is dedicated to developing precision medicines for genomically defined cancers.
Elevation Oncology (Nasdaq: ELEV) has shared its 2021 achievements and 2022 expectations. In 2021, key milestones included advancements in seribantumab in the Phase 2 CRESTONE study, a successful IPO raising $106.5 million, and strategic partnerships aimed at identifying new genomic targets. For 2022, the company plans to present initial data from the CRESTONE study and expand its pipeline. As of September 30, 2021, the company anticipates cash reserves of $155.2 million will support operations into Q2 2023.
Elevation Oncology, Inc. (Nasdaq: ELEV) announced participation by CEO Shawn M. Leland in a pre-recorded fireside chat at the H.C. Wainwright BIOCONNECT Virtual Conference on January 10, 2022. The company focuses on precision medicines for patients with genomically defined cancers, with its lead candidate, seribantumab, targeting NRG1 fusions in solid tumors. The presentation will be available on-demand from 7:00 a.m. ET on the company's investor relations website.
Elevation Oncology, a clinical-stage biopharmaceutical company, announced that Shawn M. Leland, the CEO, will present at the 40th Annual J.P. Morgan Healthcare Conference on January 12, 2022, at 9:45 a.m. ET. The presentation will be held virtually, and interested parties can access a live webcast and replay via the company's Investor Relations website.
Elevation Oncology focuses on developing precision medicines for cancers driven by specific genomic alterations, including their lead candidate, seribantumab.
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