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Elevation Oncology has announced the selection of an abstract for SYSA1801 (EO-3021) Phase 1 clinical data for presentation at the ASCO 2023 Annual Meeting in Chicago, from June 2-6, 2023. The ongoing Phase 1 study is focused on evaluating SYSA1801 in patients with Claudin 18.2-positive advanced solid tumors, conducted in partnership with CSPC Pharmaceutical Group in China. Elevation plans to advance its clinical trial for EO-3021 in the U.S. in the second half of 2023. EO-3021 targets Claudin 18.2, a significant unmet need in oncology, particularly for gastric and pancreatic cancers, with no existing approved therapies. The U.S. FDA has cleared an Investigational New Drug application for EO-3021.
Corbus Pharmaceuticals Holdings has entered an exclusive licensing agreement with CSPC Pharmaceutical Group for the development of CRB-701, an antibody drug conjugate targeting Nectin-4. This drug is being developed for various cancers, including urothelial, lung, breast, and prostate. An upfront payment of $7.5 million will be made to CSPC, with potential milestone payments totaling $685 million. The agreement also includes a 1-for-30 reverse stock split effective February 14, 2023, aimed at maintaining compliance with Nasdaq's minimum bid price requirement of $1.00. Corbus aims to initiate US clinical trials in 2024.
Elevation Oncology has secured exclusive global rights (excluding Greater China) to develop EO-3021 (SYSA1801), a clinical-stage ADC targeting Claudin18.2, expected to initiate a U.S. Phase 1 trial in 2023. This licensing agreement with CSPC Megalith includes a $27 million upfront payment and up to $1.148 billion in potential milestone payments. The addition of EO-3021 enhances Elevation's precision oncology pipeline, focusing on genomically defined solid tumors. The agreement marks a significant step in Elevation's growth strategy and potential market expansion.