Elevation Oncology, a Phase 2 biotech developing monoclonal antibodies for genetically-defined cancers, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
Elevation Oncology is developing monoclonal antibody therapies by identifying oncogenic drivers that are known to be predominantly mutually exclusive with other driver alterations. Its lead program is focused on neuregulin-1, or NRG1, fusions, which are rare genomic alterations that have recently been identified as oncogenic driver alterations and that the company believes have the potential to be therapeutically actionable through targeted HER3 inhibition. The company has initiated a Phase 2 trial of seribantumab, an anti-HER3 monoclonal antibody, in advanced solid tumors harboring an NRG1 fusion.
The New York, NY-based company was founded in 2019 and plans to list on the Nasdaq under the symbol ELEV. J.P. Morgan, Cowen, SVB Leerink, and Wedbush PacGrow are the joint bookrunners on the deal. No pricing terms were disclosed.
