Elevation Oncology, a Phase 2 biotech developing targeted therapies for cancer in genomically-defined patients, raised $100 million by offering 6.3 million shares at $16, within the range of $15 to $17.
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 plans to list on the Nasdaq under the symbol ELEV. J.P. Morgan, Cowen, and SVB Leerink acted as joint bookrunners on the deal.
