Elevation Oncology, a Phase 2 biotech developing targeted therapies for cancer in genomically-defined patients, announced terms for its IPO on Monday.
The New York, NY-based company plans to raise $100 million by offering 6.3 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Elevation Oncology would command a fully diluted market value of $403 million.
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, with data from pre-planned interim analysis expected in late 2021 or early 2022 and topline data from the full trial accrual in the 1H23.
Elevation Oncology was founded in 2019 and plans to list on the Nasdaq under the symbol ELEV. J.P. Morgan, Cowen, and SVB Leerink are the joint bookrunners on the deal. It is expected to price during the week of June 21, 2021.
