By Adriano Marchese
Elevation Oncology shares halted from trading in premarket trading Thursday after it said it will launch strategic options process and lay off the majority of its staff to extend its cash runway.
Shares halted at 48 cents in premarket trading. Shares are down about 15% year-to-date and 89% over the past 52 weeks.
The oncology company said that it has elected to discontinue its EO-3021 drug candidate, an antibody-drug conjugate being developed to treat advanced forms of gastric and gastroesophageal junction cancers.
The decision was made after the drug showed low response rate in its first trial phase.
Elevation also said that it will slash about 70% of its workforce, which is expected to cost the company about $3 million, and that it will launch a process to evaluate strategic options to maximize shareholder value.
The company still has a drug in the development pipeline, and said it will continue to advance EO-1022 to treatment patients with certain type of solid tumors.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 20, 2025 08:25 ET (12:25 GMT)
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