Elevation Oncology secures $50 million senior secured loan via K2

By Marisa Wong

Los Angeles, July 28 – Elevation Oncology, Inc. announced it secured a $50 million senior secured loan facility from funds managed by K2 HealthVentures.

The facility is available in two tranches, with an initial tranche of $30 million available immediately, according to a press release.

A second tranche, consisting of up to $20 million, will be available in the future, subject to mutual agreement by Elevation Oncology and K2 HealthVentures.

The initial proceeds 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.

The company expects to use any future proceeds to support the continued development of EO-3021 and seribantumab, for additional pipeline expansion and for general corporate purposes.

Elevation is a New York-based clinical stage biopharmaceutical company focused on the development of precision oncology products for patients with genomically defined cancers.

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