Elevation Oncology, a New York-based clinical-stage biopharmaceutical company focused on the development of precision medicines for patients with genomically defined cancers, raised $65m in Series B financing.
Backers included new investors venBio Partners and Cormorant Asset Management, Boxer Capital of Tavistock Group, Janus Henderson, Samsara Biocapital, and Vivo Capital, as well as existing investors Aisling Capital, Vertex Ventures HC, Qiming Venture Partners USA, Driehaus Capital Management, and BVF Partners. Andrew Phillips, PhD from Cormorant Asset Management, and Richard Gaster, MD, PhD from venBio Partners, will join the Elevation Oncology Board of Directors in conjunction with the new financing.
The company also announced the promotion of Shawn M. Leland, PharmD, RPh, the company’s founder, to Chief Executive Officer.
Dr. Leland founded Elevation Oncology in July 2019, is a member of its Board of Directors, and previously served as the Company’s Chief Business Officer. He has over a decade of experience in medical affairs and business development for the pharmaceutical/biotech industry, with a focus on building collaborations to realize the full potential of targeted and personalized therapeutics. He has been involved in global transactions totaling more than $450 million in upfront payments and milestone payments at Eli Lilly, ARIAD Pharmaceuticals, Argos Therapeutics and Verastem Oncology. Steve Elms, Managing Partner of Aisling Capital, who was serving as Interim CEO of Elevation Oncology, will remain Chair of the Company’s Board of Directors.
Elevation Oncology is advancing the Phase 2 CRESTONE study, evaluating the HER3 monoclonal antibody seribantumab for the treatment of patients with tumors harboring an NRG1 gene fusion. The company is actively evaluating opportunities for pipeline expansion, prioritizing targeted therapy approaches in tumor types defined by genomic driver alterations.
Proceeds from the Series B financing will be used to fund the completion of enrollment in the study and other corporate development activities.