Elevation Oncology, Inc. (NASDAQ: ELEV) Higher and more than 25X daily volume on FDA Fast Track News

(24/7 Market News) Elevation Oncology, Inc. (NASDAQ: ELEV) is trading at $4.12, 60 cents higher (+17.05%) in premarket, on 2,077,429 shares, compared to its 43,590 average daily volume.

The clinical stage biopharmaceutical company announced, this morning, that the U.S. Food and Drug Administration (FDA) granted seribantumab, Elevation Oncology’s tumor-agnostic treatment of advanced solid tumors that harbor NRG1 gene fusions product, Fast Track designation.

Shawn M. Leland, PharmD, RPh, Founder and Chief Executive Officer of Elevation Oncology, stated, “There are currently no approved therapies that specifically target NRG1 fusions, and therefore, receipt of Fast Track designation in a tumor-agnostic setting is a significant step in addressing this unmet need.”

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