Elevation Oncology to Discontinue Development of EO-3021; Advancing EO-1022, While Evaluating Strategic Options
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Elevation Oncology is discontinuing the development of EO-3021 due to unsatisfactory clinical data and will focus on advancing EO-1022. The company plans to present preclinical data for EO-1022 in 2025 and file an IND application in 2026. A workforce reduction of 70% is being implemented to extend the cash runway into the second half of 2026.
March 20, 2025 | 12:15 pm
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Elevation Oncology is discontinuing EO-3021 development due to a 22.2% ORR in clinical trials, shifting focus to EO-1022, and reducing workforce by 70% to extend cash runway into 2026.
The discontinuation of EO-3021 suggests a setback in product development, likely leading to negative investor sentiment. The focus on EO-1022 and workforce reduction indicate strategic shifts to manage resources, but the immediate impact is likely negative due to halted development and job cuts.
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