Loading organizations...
§ Public · New York City, NY, USA
Clinical-stage biopharmaceutical company developing precision medicines for genomically defined cancers, including ADCs.
Based in New York City, Elevation Oncology is a clinical-stage biopharmaceutical company focused on developing precision medicines and targeted therapeutics for patients with genomically defined cancers. The enterprise specifically advances antibody-drug conjugates matched to tumor genomic profiles, recently pivoting its pipeline to prioritize a Phase 1 Claudin18.2-targeted candidate after shelving its initial anti-HER3 monoclonal antibody program. To support its ongoing clinical drug development efforts, the firm has successfully secured nearly $200 million in total funding within its first two years of operation. This capitalization includes a $65 million Series B financing round led by prominent healthcare investors venBio Partners and Cormorant Asset Management, which brought Richard Gaster and Andrew Phillips to the board of directors. Currently guided by Chief Executive Officer Joseph Ferra, Elevation Oncology was founded in 2019 by Shawn M. Leland.
Elevation Oncology has raised $147.5M across 3 funding rounds.
Elevation Oncology has raised $147.5M in total across 3 funding rounds.
Elevation Oncology has raised $147.5M across 3 funding rounds. Most recently, it raised $50.0M Debt in July 2022.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jul 28, 2022 | $50M Debt Financing | K2 Healthventures | — | Announced |
| Nov 1, 2020 | $65M Series B | — | VenBio Partners, Steven A. Elms, Boxer Capital, BVF Partners, Andrew Phillips, Driehaus Capital Management, Janus Henderson Investors, Qiming Venture Partners USA, Samsara BioCapital, Vertex Ventures HC, Vivo Capital | Announced |
| Jul 22, 2020 | $32.5M Series A | Steven A. Elms | BVF Partners, Driehaus Capital Management, Qiming Venture Partners USA, Vertex Ventures HC | Announced |
Elevation Oncology is not a technology company; it is a clinical-stage biopharmaceutical company developing precision oncology therapies for genomically defined cancers.[1][2] The company focuses on targeted treatments like antibody-drug conjugates (ADCs) for solid tumors, such as EO-3021 (SYSA1801) targeting Claudin 18.2 in gastric and pancreatic cancers, and pipeline candidates like EO-1022 (a HER3 ADC).[1][3][5] It serves cancer patients with specific genetic drivers, solving the problem of ineffective broad therapies by matching genomic alterations to precise inhibitors, using a biomarker-driven approach for higher response rates.[1][2] As of late 2024, operations emphasize clinical trials via contract organizations, with recent pipeline expansion through licensing deals; however, in June 2025, it entered a merger agreement to be acquired by Concentra Biosciences for $0.36 per share plus a CVR tied to cash and EO-1022 proceeds, expected to close in July 2025.[4]
Elevation Oncology emerged from stealth in 2021 with a $32.5M Series A financing, founded on the mission to make genomic testing actionable by developing drugs for rare genetic driver alterations in cancer.[2][6] Key leadership includes Chief Scientific Officer David Dornan, who has highlighted partnerships like the December 2024 Synaffix deal for ADC technology.[3] The idea stemmed from the need for precision medicines matching unique tumor genomic profiles, evolving from early focus on seribantumab (NRG1 fusion inhibitor in Phase 2 CRESTONE study) to a broader ADC pipeline amid discontinuations of some candidates like SYSA-1801 and seribantumab.[2][5] Pivotal moments include in-licensing EO-3021 from CSPC and nominating EO-1022, building early traction in biomarker-driven development before the 2025 acquisition announcement.[1][3][4]
Elevation Oncology stands out in oncology through:
Elevation Oncology rides the precision oncology trend, leveraging genomic profiling to shift from one-size-fits-all chemotherapy to mutation-specific therapies amid rising ADC adoption.[1][2][3] Timing aligns with ADC market growth—site-specific conjugation tech like Synaffix's improves payloads for solid tumors—fueled by successes in gastric/pancreatic cancers and HER3 targets.[3][5] Market forces favoring it include biomarker validation reducing trial failures and partnerships de-risking biotech development in a high-burn environment.[1] It influences the ecosystem by validating rare driver targeting, inspiring peer efforts in individualized plans, though its acquisition signals consolidation trends in clinical-stage biopharma.[4]
Post-merger with Concentra (expected July 2025), Elevation's assets like EO-1022 gain priority via CVR milestones, potentially unlocking value from dispositions or cash windfalls.[4] ADC innovations and HER3/Claudin 18.2 focus position it amid booming precision oncology, shaped by AI-driven genomics and combo therapies. Influence may evolve through Concentra's stewardship, amplifying targeted cancer care—correcting the tech company misconception underscores its biotech roots driving real patient impact.[1][4]
Elevation Oncology has raised $147.5M in total across 3 funding rounds.
Elevation Oncology's investors include K2 HealthVentures, venBio, Steven A. Elms, Boxer Capital, BVF Partners, Andrew Phillips, Driehaus Capital Management, Janus Henderson Investors, Qiming Venture Partners USA, Samsara BioCapital, Vertex Ventures HC, Vivo Capital.