What You Should Know:
Elevation Oncology, a clinical-stage biopharmaceutical company focused on the development of precision oncology products for patients with genomically defined cancers, today announced that it has secured a $50M senior secured loan facility from funds managed by K2 HealthVentures.
Elevation plans to use the funding from the facility will primarily support the exclusive license of EO-3021 (SYSA1801) outside of Greater China from CSPC Pharmaceutical Group and the execution of the Company’s pipeline.
Loan Facility Details
The facility provides Elevation Oncology with up to $50M in borrowing capacity in two tranches, with an initial tranche of $30 million available immediately. A second tranche, consisting of up to $20M, will be available to Elevation Oncology in the future, subject to mutual agreement by Elevation Oncology and K2 HealthVentures.
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Elevation Oncology plans to use the initial proceeds from the facility primarily to fund a one-time, upfront payment of $27M to license EO-3021 (SYSA1801) from CSPC Pharmaceutical Group.
Elevation Oncology expects to use any future proceeds from the facility to support the continued development of EO-3021 and seribantumab, for additional pipeline expansion, and for general corporate purposes. Following the licensing of EO-3021 and the initial tranche of the loan facility, Elevation Oncology expects its cash, cash equivalents and marketable securities to fund current operations into 2024.
Source: Hitconsultant
