** Shares of drug developer Elevation Oncology ELEV.O fall nearly 30% to 33 cents premarket
** Co says it is discontinuing development of its cancer drug, EO-3021, an antibody conjugate that is designed to attack cancer cells while sparing healthy ones
** ELEV says decision was based on early-stage trial data that showed the drug was not effective enough, with only 22.2% of patients responding to treatment
** Co also says it is reducing its workforce by about 70%
** As December 31, co had 34 full-time employees, according to SEC filing
** Co has $93.2 million in cash, as of December 31, enough to fund operations until H2 2026
** ELEV says it will continue developing its other cancer drug, EO-1022, which targets HER3, a type of protein found on cancer cells and uses specific delivery method to attack them
** ELEV fell 89%% in last 12 months
(Reporting by Kamal Choudhury in Bengaluru)
((Kamal.Choudhury@thomsonreuters.com;))
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