Elevation Oncology Files for $100M IPO

Elevation Oncology has filed to raise $100 million in an IPO. See SEC prospectus here.
Proceeds will be used to support the development of seribantumab that failed multiple trials at Merrimack Pharmaceuticals Inc MACK before being picked up by Elevation and repositioned as a treatment for solid tumors harboring an NRG1 fusion.
The anti-HER3 antibody failed multiple mid-phase trials, causing Sanofi SA SNY to return the rights to the drug and ultimately leading to Merrimack offloading it to Elevation in 2019.
Elevation raised almost $100 million across series A and B rounds from investors, including Aisling Capital, venBio Partners, and Cormorant Asset Management.
Now, the company is seeking public investment to further develop seribantumab and list on NASDAQ under the symbol “ELEV.”
The 55-subject pivotal cohort of the study is enrolling patients with a centrally confirmed NRG1 fusion who haven’t been previously treated with an EGFR-, HER2- or HER3-directed therapy. The primary endpoint is the overall response rate.