Elevation Oncology, Inc. - ELEV STOCK NEWS

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.

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.