Elevation Oncology (ELEV) said Thursday it is dropping its development of EO-3021, an antibody-drug conjugate for the potential treatment of advanced, unresectable, or metastatic gastric and gastroesophageal junction cancers.
The decision to discontinue clinical development of EO-3021 was based on data from the dose escalation and expansion stages of a phase 1 trial which "deeply disappointed" the company, said Joseph Ferra, president and chief executive officer.
The company said it will continue to advance EO-1022, a potential treatment for patients with HER3-expressing solid breast cancer tumors while beginning a process to evaluate strategic options to maximize shareholder value.
Shares of the company fell more than 24% in recent premarket activity.
Price: 0.3489, Change: -0.122, Percent Change: -24.69
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