** 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;))