Elevation Oncology Abandons Clinical-Stage ADC, Shifts Focus Amid Restructuring
Elevation Oncology, a biotechnology company specializing in antibody-drug conjugates (ADCs), has announced a significant strategic shift following disappointing phase 1 trial results for its lead candidate. The company is discontinuing development of its sole clinical-stage asset and implementing substantial workforce reductions as it pivots to focus on preclinical programs.
EO-3021 Falls Short in Phase 1 Trial
Elevation's Claudin 18.2-targeted ADC, EO-3021, has been dropped from the company's pipeline after failing to meet efficacy expectations in a phase 1 trial. The study, which enrolled 85 patients with advanced, unresectable or metastatic gastric and gastroesophageal junction cancers, revealed an objective response rate of just 22.2% among 36 evaluable patients.
Despite demonstrating a favorable safety profile, CEO Joseph Ferra stated that the efficacy data "does not meet our bar for success and is insufficient to provide patients a competitive benefit-risk profile compared to other Claudin 18.2 ADCs in development."
Strategic Realignment and Workforce Reduction
In response to this setback, Elevation is initiating a significant restructuring effort:
- 70% of the company's workforce will be laid off
- Chief Medical Officer Valerie Malyvanh Jansen, M.D., Ph.D., will step down at the end of the month
- The company will "evaluate strategic options" moving forward
These measures are expected to extend Elevation's cash runway, with the $93.2 million in reserves at the start of 2024 now projected to last into the second half of 2026.
Shifting Focus to HER3 ADC Program
As Elevation regroups, attention will turn to EO-1022, a preclinical HER3-targeted ADC unveiled in December. This asset leverages Synaffix's glycan site-specific conjugation and linker-payload technology, acquired through a $368 million licensing deal.
Ferra expressed optimism about EO-1022's potential to address "significant and emerging unmet needs in many HER3-expressing cancers." The company plans to present preclinical data for this program at the upcoming American Association for Cancer Research meeting.
References
- Elevation drops sole clinical-stage ADC over poor phase 1 data, lays off 70% of staff
Elevation is ditching its sole clinical-stage asset in the wake of disappointing phase 1 data, leading the antibody-drug conjugate company to lay off 70% of its staff.
Explore Further
What are the key factors that contributed to the low efficacy observed in the EO-3021 phase 1 trial?
How does the efficacy and safety profile of EO-3021 compare to other Claudin 18.2 ADCs currently in development?
What strategic options might Elevation Oncology consider as part of their restructuring effort?
What are the key scientific features of the Synaffix technology used in the HER3-targeted ADC EO-1022?
How might the HER3-targeted ADC EO-1022 address unmet needs in HER3-expressing cancers compared to existing treatments?