Elevation Oncology, a NYC-based clinical stage biopharmaceutical company focused on the development of precision medicines for patients with genomically defined cancers, raised $32.5M in Series A financing.
The round was led by Aisling Capital with participation from Vertex Ventures HC, Qiming Venture Partners USA, Driehaus Capital Management, and BVF Partners.
Led by Chairman and Interim Chief Executive Officer Steve Elms, who is also Managing Partner of Aisling Capital, and Shawn Leland, PharmD, RPh, Founder and Chief Business Officer, Elevation Oncology makes genomic tests actionable by selectively developing drugs to inhibit the specific alterations that have been identified as drivers of disease. Its lead candidate, seribantumab, which inhibits tumor growth driven by NRG1 fusions, is currently being clinically tested in the Phase 2 CRESTONE study for patients with tumors of any origin that have an NRG1 fusion.
The company has also annunced the initiation of the Phase 2 CRESTONE study, and new partnerships with Next Generation Sequencing diagnostic providers including Ashion Analytics, Strata Oncology, and Tempus to explore innovative models for real-time identification, patient referral, and enrollment of patients with tumors driven by rare genomic alterations.
Seribantumab was acquired in 2019 by Elevation Oncology, and the development program builds on prior clinical experience from over 800 patients demonstrating consistent safety and tolerability. Previous clinical trials with seribantumab did not select for tumors with an NRG1 fusion.