On June 9, 2023 Elevation Oncology, Inc. (Nasdaq: ELEV), an innovative oncology company focused on the discovery and development of selective cancer therapies to treat patients across a range of solid tumors with significant unmet medical needs, reported the pricing of an underwritten public offering of (i) 17,810,000 shares of its common stock and, in lieu of common stock to investors that so choose, pre-funded warrants to purchase up to an aggregate of 4,440,000 shares of common stock and (ii) accompanying warrants to purchase one share of common stock for each share of common stock or pre-funded warrant sold (Press release, Elevation Oncology, JUN 9, 2023, View Source;utm_medium=rss&utm_campaign=elevation-oncology-announces-pricing-of-50-million-public-offering [SID1234632611]). The combined offering price to the public of each share of common stock and accompanying warrant is $2.2500. The combined offering price to the public of each pre-funded warrant and accompanying warrant is $2.2499. The accompanying warrants have an exercise price of $2.25 per share, are exercisable immediately, and will expire five years following the date of issuance. All of the shares of common stock, pre-funded warrants and accompanying warrants are being offered by Elevation Oncology. Before deducting the underwriting discounts and commissions and other offering expenses, Elevation Oncology expects to receive total gross proceeds of approximately $50 million. The offering is expected to close on or about June 13, 2023, subject to the satisfaction of customary closing conditions.
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SVB Securities and TD Cowen are acting as joint bookrunning managers in the offering.
Elevation Oncology intends to use the net proceeds from the offering primarily to fund clinical development of its lead product candidate EO-3021, an antibody drug conjugate (ADC) that has been designed to selectively deliver a cytotoxic payload directly to cancer cells expressing Claudin 18.2, and other general corporate purposes.
The shares, pre-funded warrants and accompanying warrants are being offered by Elevation Oncology pursuant to a registration statement on Form S-3 previously filed and declared effective by the Securities and Exchange Commission (SEC). The offering was made only by means of a preliminary prospectus supplement and accompanying prospectus, which was filed on June 8, 2023, relating to and describing the terms of the offering. A final prospectus supplement and accompanying prospectus relating to this offering will be filed with the SEC. These documents may be obtained from: SVB Securities LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at (800) 808-7525, ext. 6105, or by email at [email protected]; or Cowen and Company, LLC, 599 Lexington Avenue, New York, NY 10022, by email at [email protected] or by telephone at (833) 297-2926. Electronic copies of the preliminary prospectus supplement and accompanying prospectus will also be available on the website of the SEC at View Source
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or other jurisdiction.