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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) 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.
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.
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