Elevation Oncology Shares Rise 18% After Fast Track Designation for Seribantumab
May 25 2022 - 10:54AM
Dow Jones News
By Chris Wack
Elevation Oncology Inc. shares were up 18% to $4.15 Wednesday
after the biopharmaceutical company said the U.S. Food and Drug
Administration granted fast track designation to seribantumab to
treat tumors.
The stock, which hit its 52-week low of $2.28 on April 22,
closed Tuesday's session up 11%.
Seribantumab for the tumor-agnostic treatment of advanced solid
tumors that harbor neuregulin-1 gene fusions is being evaluated in
a Phase 2 study. The initial data from the study will be presented
in June, the company said.
"There are currently no approved therapies that specifically
target NRG1 fusions, and therefore, receipt of fast track
designation in a tumor-agnostic setting is a significant step in
addressing this unmet need," Chief Executive Shawn Leland said.
Fast track is an FDA process designed to facilitate the
development and expedite the review of potential therapies that
seek to treat serious conditions and fill an unmet medical need. A
drug candidate that receives fast track designation is afforded
greater access to the FDA for the purpose of expediting the drug's
development, review and potential approval.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
May 25, 2022 10:39 ET (14:39 GMT)
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