Elevation Oncology realigns resources, CEO resigns, cuts workforce by 30%

Elevation Oncology announced plans to prioritize key research and development efforts to advance EO-3021, its potential best-in-class antibody-drug conjugate designed to target Claudin18.2, and other pipeline programs including those through its existing partnership with Caris Life Sciences. Elevation Oncology is pausing further investment in the clinical development of seribantumab and realigning its resources to focus on advancing EO-3021 and other pipeline programs. Elevation Oncology intends to pursue further development of seribantumab only in collaboration with a partner. In addition, the company announced that Shawn Leland, PharmD, RPh, has resigned from his role as CEO and a member of the Board of Directors, effective immediately. The Board of Directors has appointed Joseph Ferra as Interim CEO. Ferra will remain as the company’s CFO, and lead Elevation Oncology along with Valerie Malyvanh Jansen, MD, PhD, Chief Medical Officer and David Dornan, PhD, Chief Scientific Officer. As part of the realignment of its pipeline, Elevation Oncology’s workforce will be reduced by approximately 30% to prioritize key research and development efforts to advance EO-3021 and additional pipeline programs. As of December 31, 2022, Elevation Oncology had preliminary unaudited cash, cash equivalents and marketable securities totaling $90.3M. The company currently expects the pipeline prioritization and realignment of resources to extend cash runway into the fourth quarter of 2024, without giving effect to financial covenant compliance under the company’s debt facility.