We have big ambitions for the potential of precision medicine at Elevation Oncology that are firmly grounded in our desire and commitment to build a sustainable drug development company along the way. Our milestone achievements this past quarter exemplify our ability to follow through on this commitment, and strengthen our foundation in 3 key areas:
1. Team: First, a company is built on the strength of its team and collaborators. We recently welcomed Joseph Ferra to our leadership team as CFO, and Michael Carruthers to our Board of Directors as Chair of the Audit Committee. In addition to these leadership appointments, we have doubled our internal headcount since the beginning of the year, and continue to grow!
We also continue to expand our network of partners, and the inclusion of Exactis, Genomic Testing Cooperative, and PathGroup brings us up to 9 diagnostic collaborators who are helping us to identify patients with NRG1 fusions across the US and Canada. As a precision oncology community, we all share the same goal – to first ensure that all patients with cancer have the option of getting their tumor tested. If you’re looking for a way to get involved, we are currently involved in an active initiative with our friends at LUNGevity and their No One Missed campaign over this summer, because comprehensive biomarker testing may help someone find the appropriate treatment. We encourage you to check it out, and we look forward to announcing additional collaborations in the future!
2. Funding: As CEO, it is job number 1 to make sure that my team has the resources they need to execute on our shared vision. With our June 25 launch of a successful IPO (Nasdaq: ELEV), we have raised a total of nearly $200M since the foundation of the Company in 2019 and we now have the necessary capital to fund the Company into Q2 2023. Elevation Oncology is well positioned to drive our first trek forward at full speed to make NRG1 fusions actionable through our Phase 2 registration-enabling CRESTONE trial for seribantumab with the first read of the Interim Analysis expected at YE 2021/Q1 2022, and we expect topline data in H1 2023.
3. Pipeline: Our broader scientific hypothesis is simple: Identify genomic alterations that are the unique drivers of cancer, and develop drugs to target them. In order to select and prioritize future treks, the path forward was clear – we wanted to bring the diagnostic expertise and insights of our partners to the drug development table. Through our newly announced joint collaboration with Caris Life Sciences, we are excited to work hand-in-hand with a leading diagnostic partner and their genomic experts to accelerate the identification of targets for future treks, and the development of new drug candidates to make them actionable for patients. By combining our individual strengths, we can collaboratively move forward in the identification and development of new potential therapeutics in a synergistic fashion.
July 21st will mark 1 year since we emerged from stealth mode in 2020, and approximately 2 years since the foundation of the Company. I could not be more proud of the Elevation Oncology team and the ground we have covered in this short time. We can now see the path to the summit more clearly than ever, and if there’s anything we’ve learned, it’s that the journey is better together. If you’re inspired to join us in any way – get in touch, we’d love to hear from you!