Elevation Oncology, a company focused on developing selective cancer therapies for solid tumors with significant unmet medical needs, has announced the pricing of an underwritten public offering of common stock and pre-funded warrants to purchase shares of common stock. The combined offering price is $2.2500 per share of common stock and accompanying warrant and $2.2499 per pre-funded warrant and accompanying warrant. Elevation Oncology expects to receive total gross proceeds of approximately $50 million from the sale before deducting underwriting discounts, commissions, and other expenses. The net proceeds will primarily fund clinical development of its lead product candidate EO-3021, an antibody drug conjugate that selectively delivers a cytotoxic payload directly to cancer cells expressing Claudin 18.2, as well as for general corporate purposes. SVB Securities and TD Cowen are acting as joint bookrunning managers in the offering.
Keywords: Elevation Oncology, public offering, common stock, pre-funded warrants, cancer therapy
Elevation Oncology has successfully priced an underwritten public offering of common stock and pre-funded warrants at $2.2500 per share of common stock and accompanying warrant and $2.2499 per pre-funded warrant and accompanying warrant respectively. The company expects to raise approximately $50 million from