Elevation Oncology ( (ELEV) ) has shared an announcement.
On March 20, 2025, Elevation Oncology announced the discontinuation of its EO-3021 development, a Claudin 18.2 ADC, due to insufficient efficacy in Phase 1 trials. The company will focus on advancing EO-1022, a HER3 ADC, and is evaluating strategic options to maximize shareholder value. As part of a corporate restructuring, Elevation Oncology is reducing its workforce by approximately 70% and expects its cash reserves to fund operations into the second half of 2026. Additionally, Chief Medical Officer Valerie M. Jansen will step down on March 31, 2025, but will continue as a consultant to assist with the transition.
More about Elevation Oncology
Elevation Oncology is an innovative oncology company focused on the discovery and development of selective cancer therapies to treat patients across a range of solid tumors with significant unmet medical needs. The company is leveraging its expertise in antibody-drug conjugates (ADCs) to advance EO-1022, a HER3 ADC for the treatment of patients with HER3-expressing solid tumors.
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