A company focused on developing precision medicines to treat patients whose cancers are driven by rare genetic alterations launched Tuesday with Series A funding, a mid-stage clinical trial, and diagnostic sequencing partnerships to match those patients to the study.

Elevation Oncology of New York has pulled in $32.5 million in financing from a syndicate led by Aisling Capital that includes Vertex Ventures, Qiming Venture Partners USA, Driehaus Capital Management, and BVF Partners. Diagnostic partners are Ashion Analytics, Strata Oncology, and Tempus, testing providers that through their contracts with Elevation will identify patients and open trial sites within two weeks.

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