NEW
YORK, June 8, 2023 /PRNewswire/ -- 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, today 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. 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. The accompanying warrants
have an exercise price of $2.25 per share, are
exercisable immediately, and will expire five years following the
date of issuance. All of the shares of common stock, pre-funded
warrants and accompanying warrants are being offered by Elevation
Oncology. Before deducting the underwriting discounts and
commissions and other offering expenses, Elevation Oncology expects
to receive total gross proceeds of approximately $50 million. The offering is expected to close on
or about June 13, 2023, subject to
the satisfaction of customary closing conditions.
SVB Securities and TD Cowen are acting as joint bookrunning
managers in the offering.
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.
The shares, pre-funded warrants and accompanying warrants are
being offered by Elevation Oncology pursuant to a registration
statement on Form S-3 previously filed and declared effective by
the Securities and Exchange Commission (SEC). The offering was made
only by means of a preliminary prospectus supplement and
accompanying prospectus, which was filed on June 8, 2023, relating to and describing the
terms of the offering. A final prospectus supplement and
accompanying prospectus relating to this offering will be filed
with the SEC. These documents may be obtained from: SVB Securities
LLC, Attention: Syndicate Department, 53 State Street, 40th Floor,
Boston, MA 02109, by telephone at
(800) 808-7525, ext. 6105, or by email at
syndicate@svbsecurities.com; or Cowen and Company, LLC, 599
Lexington Avenue, New York, NY
10022, by email at Prospectus_ECM@cowen.com or by telephone at
(833) 297-2926. Electronic copies of the preliminary prospectus
supplement and accompanying prospectus will also be available on
the website of the SEC at http://www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities, nor shall there be
any sale of the securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of such
state or other jurisdiction.
About Elevation Oncology, Inc.
Elevation Oncology is 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. We are rethinking drug development by seeking
out innovative, selective cancer therapies that can be matched to a
patient's unique tumor characteristics. Our lead candidate,
EO-3021, is a potential best-in-class ADC designed to target
Claudin 18.2, a clinically validated molecular target. EO-3021
selectively delivers a cytotoxic payload directly to cancer cells
expressing Claudin 18.2. We are working to rapidly advance EO-3021
into the clinic in the US across a range of solid tumor
indications, as well as exploring other opportunities through new
or existing partnerships and business development opportunities to
expand our novel oncology pipeline.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding the timing of the closing of the
offering and the expected use of proceeds thereof, potential
benefits of Elevation Oncology's product candidates, potential
market opportunities for Elevation Oncology's product candidates,
and the ability of Elevation Oncology's product candidates to treat
their targeted indications. All statements other than statements of
historical fact are statements that could be deemed forward-looking
statements. These forward-looking statements may be accompanied by
such words as "aim," "anticipate," "believe," "could," "estimate,"
"expect," "forecast," "goal," "intend," "may," "might," "plan,"
"potential," "possible," "will," "would," and other words and terms
of similar meaning. Although Elevation Oncology believes that
the expectations reflected in such forward-looking statements are
reasonable, Elevation Oncology cannot guarantee future events,
results, actions, levels of activity, performance or achievements,
and the timing and results of biotechnology development and
potential regulatory approval are inherently uncertain.
Forward-looking statements are subject to risks and uncertainties
that may cause Elevation Oncology's actual activities or results to
differ significantly from those expressed in any forward-looking
statement, including risks and uncertainties related to Elevation
Oncology's ability to advance its product candidates, the timing
and results of preclinical studies and clinical trials, approvals
and commercialization of product candidates, the receipt and timing
of potential regulatory designations, the impact of the continued
presence of COVID-19 on Elevation Oncology's business, Elevation
Oncology's ability to fund development activities and achieve
development goals, Elevation Oncology's ability to protect
intellectual property, Elevation Oncology's ability to establish
and maintain collaborations with third parties, and other risks and
uncertainties described under the heading "Risk Factors" in
documents Elevation Oncology files from time to time with the
Securities and Exchange Commission. These forward-looking
statements speak only as of the date of this press release, and
Elevation Oncology undertakes no obligation to revise or update any
forward-looking statements to reflect events or circumstances after
the date hereof.
Elevation Oncology Investor and Media
Contact
Candice Masse,
978-879-7273
Senior Director, Corporate Communications & Investor
Relations
cmasse@elevationoncology.com
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SOURCE Elevation Oncology