Elevation Oncology falls after CEO resigns

Elevation Oncology

06/01/2023 15:22

** Shares of cancer-therapy focused biopharmaceutical firm
 ELEV.O  down 24.6% at $0.79
        ** CFO Joseph Ferra named as interim CEO to succeed
Shawn Leland
    ** ELEV pauses further investment in developing cancer
treatment seribantumab and its related study
    ** Company intends to pursue further clinical development of
seribantumab only in collaboration with a partner
    ** ELEV plans to cut workforce by 30% to prioritize efforts
to advance its lead candidate, EO-3021, an experimental
antibody-based treatment
    ** Company says actions will extend cash runway into Q4 2024
    ** Shares of ELEV fell 84.2% in 2022
 (Reporting by Anandita Mehrotra in Bengaluru)
 ((Anandita.Mehrotra@thomsonreuters.com))