-- Data support ongoing development of antibody-drug conjugate (ADC) program targeting HER3-expressing cancers –

-- On-track to nominate development candidate in 2024 --

BOSTON, March 5, 2024 /PRNewswire/ -- Elevation Oncology, Inc. (Nasdaq: ELEV), an innovative oncology company focused on the discovery and development of selective cancer therapies to treat patients across a range of solid tumors with significant unmet medical need, today announced that it will present preclinical proof-of-concept data for its differentiated HER3-targeting antibody-drug conjugate (ADC) program in a poster session at the American Association for Cancer Research (AACR) Annual Meeting 2024, being held April 5-10 in San Diego, California.

"We are excited to share preclinical proof-of-concept data for our HER3-ADC program. HER3 is a clinically validated oncology and ADC target, which is overexpressed across a range of solid tumors, and is often associated with a poor clinical outcome," said David Dornan, Ph.D., Chief Scientific Officer of Elevation Oncology. "At AACR, we plan to share preclinical proof-of-concept data highlighting our progress towards the development of a differentiated HER3-ADC. We look forward to nominating a development candidate this year and to the advancement of our HER3-ADC program toward the clinic, with the goal of improving patient outcomes."

Details of the poster presentation at AACR 2024 are as follows:

Title: Therapeutic potential of a HER3 antibody-drug conjugate for the treatment of HER3-expressing cancers

• Abstract: #3121
• Session Category: Experimental and Molecular Therapeutics
• Session Title: Antibody-Drug Conjugates
• Session Date and Time: Monday, April 8, from 1:30 p.m. to 5 p.m. PT

About Elevation Oncology, Inc.
Elevation Oncology is an innovative oncology company focused on the discovery and development of selective cancer therapies to treat patients across a range of solid tumors with significant unmet medical needs. We are rethinking drug development by seeking out innovative, selective cancer therapies that can be matched to a patient's unique tumor characteristics. Our lead candidate, EO-3021, is a potential best-in-class antibody drug conjugate (ADC) designed to target Claudin 18.2, a clinically validated oncology target. EO-3021 selectively delivers a cytotoxic payload directly to cancer cells expressing Claudin 18.2. We are evaluating EO-3021 in a Phase 1 study in patients with advanced, unresectable or metastatic solid tumors likely to express Claudin 18.2 including gastric, gastroesophageal junction, pancreatic or esophageal cancers. We are also exploring other opportunities through new or existing partnerships and business development opportunities to expand our oncology pipeline. For more information, visit www.ElevationOncology.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, anticipated clinical and preclinical development activities, expected timing of announcements, potential benefits of Elevation Oncology's product candidates, potential market opportunities for Elevation Oncology's product candidates and the ability of Elevation Oncology's product candidates to treat their targeted indications. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These forward-looking statements may be accompanied by such words as "aim," "anticipate," "believe," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "might," "plan," "possible," "potential," "will," "would," and other words and terms of similar meaning. Although Elevation Oncology believes that the expectations reflected in such forward-looking statements are reasonable, Elevation Oncology cannot guarantee future events, results, actions, levels of activity, performance or achievements, and the timing and results of biotechnology development and potential regulatory approval are inherently uncertain. Forward-looking statements are subject to risks and uncertainties that may cause Elevation Oncology's actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties related to Elevation Oncology's ability to advance its product candidates, the timing and results of preclinical studies and clinical trials, approvals and commercialization of product candidates, the receipt and timing of potential regulatory designations, Elevation Oncology's ability to fund development activities and achieve development goals, Elevation Oncology's ability to protect intellectual property, Elevation Oncology's ability to establish and maintain collaborations with third parties, and other risks and uncertainties described under the heading "Risk Factors" in documents Elevation Oncology files from time to time with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release, and Elevation Oncology undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

Elevation Oncology Investor and Media Contact

Candice Masse, 978-879-7273
Senior Director, Corporate Communications & Investor Relations
cmasse@elevationoncology.com

SOURCE Elevation Oncology