With reference to the novel pharmaceutical drug 'Vepdegestrant', recently in the news, consider the following statements:

1.It is an anti-cancer medication indicated for the targeted treatment of hormone receptor-positive, advanced or metastatic breast cancers.

2. It represents a breakthrough as the first-ever approved drug belonging to the class of PROTACs (PROteolysis Targeting Chimeras).

3.It functions by hijacking the cell's natural ubiquitin-proteasome machinery to selectively degrade target estrogen receptors.

4. Unlike conventional oral endocrine therapies, it is administered exclusively via intensive intramuscular injections.

Which of the statements given above are correct?