Benzinga | Jun 7, 2021 02:10PM EDT

Elevation Oncology Files for $100M IPO

* Elevation Oncology has filed to raise $100 million in an IPO. See SEC prospectus here.

* Proceeds will be used to support the development of seribantumab that failed multiple trials at Merrimack Pharmaceuticals Inc (NASDAQ:MACK) before being picked up by Elevation and repositioned as a treatment for solid tumors harboring an NRG1 fusion.

* The anti-HER3 antibody failed multiple mid-phase trials, causing Sanofi SA (NASDAQ:SNY) to return the rights to the drug and ultimately leading to Merrimack offloading it to Elevation in 2019.

* Elevation raised almost $100 million across series A and B rounds from investors, including Aisling Capital, venBio Partners, and Cormorant Asset Management.

* Now, the company is seeking public investment to further develop seribantumab and list on NASDAQ under the symbol "ELEV."

* The 55-subject pivotal cohort of the study is enrolling patients with a centrally confirmed NRG1 fusion who haven't been previously treated with an EGFR-, HER2- or HER3-directed therapy. The primary endpoint is the overall response rate.