Art Of The Pivot with Elevation Oncology's Joe Ferra
Jan 8, 2024
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In this episode, the relatively new CEO of Elevation Oncology, Joseph Ferra, discusses the significant changes he has made at the company. These changes include transitioning from a monoclonal antibody candidate to a phase 1 Claudin18.2 target in the ADC space. The podcast also explores the importance of technology and being a platform company in the biotech industry, as well as the expansion of a clinical trial for gastric cancer treatment. Ferra emphasizes the need for planning and adaptability in the biotech industry to make the right decisions.
Elevation Oncology's strategic portfolio moves, led by CEO Joe Farah, have positioned them as a leader in ADC development, focusing on stability, selectivity, and targeted delivery of therapeutic payloads.
Elevation Oncology's modality-agnostic approach and emphasis on partnerships enables them to maximize the potential impact of their drugs, utilizing various technologies and driving innovation in the crowded biotech landscape.
Deep dives
Elevation Oncology's Strategic Portfolio Moves: An Overview
Elevation Oncology has made significant strategic portfolio moves with its CEO and former CFO, Joe Farah, leading the way. With a focus on biologics process development and manufacturing challenges, Elevation Oncology has maneuvered its targeted ADC EO 3021 to phase one study status. The company's approach of embracing different technologies and evaluating the best options allows for flexibility and differentiation in the crowded biotech landscape. Elevation Oncology's ADC approach is rooted in the stability and selectivity of their molecules, showing promising results in their partnered phase one trial. The company has started enrolling patients in their own phase one trial and plans to expand internationally to treat gastric cancer, a high unmet need, leveraging the knowledge and expertise of their team. Elevation Oncology aims to be best in class and close to the first to class in developing drugs that can make a difference for patients.
The Significance of ADCs in Biotech: A Closer Look
ADCs have gained significant momentum and excitement in the biotech industry due to advancements in linker technology and antibody drug ratios. Elevation Oncology's focus on ADCs stems from their potential to effectively target specific cells and deliver therapeutic payloads directly to tumors while minimizing damage to healthy tissue. Their ADC program for Claudin 18-2, a target with high expression in gastric cancer, holds promise for patients with limited treatment options. Elevation Oncology differentiates itself by having a modality-agnostic approach, allowing them to assess and leverage various technologies to optimize their drug development for different targets. By embracing partnerships and business development, they aim to drive innovation and maximize the potential impact of their drugs.
Elevation Oncology started enrolling patients in their phase one clinical trial for EO 3021, their targeted ADC for Claudin 18-2. The trial began in August, focusing on dose escalation and treating gastric cancer patients. They plan to expand the trial internationally, leveraging the prevalence of gastric cancer in countries like Japan and Korea. The validation obtained from a partnered phase one trial in China, which showed evidence of anti-tumor activity and manageable side effects, helps de-risk Elevation Oncology's own trial. The company plans to share the first cut of data from their trial in the first half of 2025, aiming to be best in class and close to the first to class in bringing their drug closer to helping patients.
Balancing Business and Patient Impact in Biotech
Elevation Oncology's CEO and former CFO, Joe Farah, emphasizes the importance of balancing the needs of patients, the company, and investors in the biotech field. The ultimate goal is to develop drugs that make a significant positive impact on patients' lives. While timelines and challenges in drug development can be long and demanding, the rewarding nature of helping patients drives the dedication of the team at Elevation Oncology. With a focus on planning, flexibility, and teamwork, the company strives to navigate the complex biotech landscape to deliver innovative therapies for patients in need.
Relatively new CEO Joseph Ferra has orchestrated some pretty significant change at Elevation Oncology in the two(ish) years since the Business of Biotech last hosted the company. In that short time, Ferra advance from CFO to CEO, a move that aligned very closely with the company's difficult decision to shelve the late phase 2 anti-HER3 monoclonal antibody candidate it was founded on. Those big moves set the stage for Elevations' new lead candidate, a phase 1 Claudin18.2 target in the oh-so-hot ADC (antibody drug conjugate) space. On this episode of the Business of Biotech, we go behind the scenes to learn why and how those daring moves were made, and how Elevation navigated the gauntlet of risk it assumed when it embraced disruption in a not-so-shiny biotech market.
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