Three biotechs start the year with job cuts; Re­gen­eron ex­pands deal with blue­bird spin­out 

El­e­va­tion On­col­o­gy’s CEO and founder is step­ping down im­me­di­ate­ly as the com­pa­ny aban­dons its for­mer lead can­di­date and chops 30% of its work­force.

The com­pa­ny an­nounced Shawn Le­land’s abrupt res­ig­na­tion Fri­day morn­ing, as well as plans to pause fur­ther in­vest­ment on serib­an­tum­ab, the drug it re­vived from Mer­ri­mack in 2020. The com­pa­ny had been test­ing it on tu­mors with NRG1 mu­ta­tions. Now, El­e­va­tion says the on­ly work it plans on do­ing on serib­an­tum­ab is in col­lab­o­ra­tion with a part­ner.

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