What You Should Know:
- Elevation Oncology, Inc. (Nasdaq: ELEV), 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, announced the pricing of an underwritten public offering of (i) 17,810,000 shares of its common stock and, in lieu of common stock to investors that so choose, pre-funded warrants to purchase up to an aggregate of 4,440,000 shares of common stock and (ii) accompanying warrants to purchase one share of common stock for each share of common stock or pre-funded warrant sold.
Elevation Oncology intends to use the net proceeds from the offering primarily to fund clinical development of its lead product candidate EO-3021, an antibody-drug conjugate (ADC) that has been designed to selectively deliver a cytotoxic payload directly to cancer cells expressing Claudin 18.2, and other general corporate purposes Elevation Oncology expects to receive total gross proceeds of approximately $50M. The combined offering price to the public of each share of common stock and accompanying warrant is $2.2500. The combined offering price to the public of each pre-funded warrant and accompanying warrant is $2.2499.
