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Biomea Fusion Announces Closing of Upsized Public Offering and Full Exercise of the Underwriters’ Option to Purchase Additional Shares
REDWOOD CITY, Calif., April 13, 2023 (GLOBE NEWSWIRE) -- Biomea Fusion, Inc. (“Biomea” or the “Company”) (Nasdaq: BMEA), a clinical-stage biopharmaceutical
About this update from Biomea Fusion, Inc.
[{"type":"text","content":"REDWOOD CITY, Calif., April 13, 2023 (GLOBE NEWSWIRE) -- Biomea Fusion, Inc. (“Biomea” or the “Company”) (Nasdaq: BMEA), a clinical-stage biopharmaceutical company dedicated to discovering and developing novel covalent small molecules to treat and improve the lives of patients with genetically defined cancers and metabolic diseases, today announced the closing of its previously announced upsized underwritten public offering of 5,750,000 shares of its common stock, which includes the full exercise of the underwriters’ option to purchase 750,000 additional shares, at a price to the public of $30.00 per share. The aggregate gross proceeds from the offering were $172.5 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by Biomea. All shares of common stock were offered by Biomea. J.P. Morgan and Citigroup acted as joint book-running managers for the offering. Oppenheimer & Co. and Barclays also acted as joint book-running managers for the offering. Biomea intends to use the net proceeds from the offering, together with its existing cash, cash equivalents, restricted cash and investments to fund: (i) the continued clinical development of BMF-219, an orally bioavailable, potent and selective covalent inhibitor of menin, for the treatment of patients with liquid and solid tumors, as well as patients with type 2 diabetes; (ii) its exploration of the potential clinical utility of BMF-219 in other diabetic patient populations, including type 1 diabetes; (iii) IND-enabling studies and the clinical development of BMF-500, a covalent inhibitor of FLT3; (iv) its ongoing efforts to develop product candidates from our FUSION System discovery platform; and (v) other general corporate purposes. The securities were offered by Biomea pursuant to a registration statement on Form S-3 (File No. 333-267884) previously filed and declared effective by the Securities and Exchange Commission (the “SEC”). A final prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC and are available for free on the SEC’s website at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to these securities, may also be obtained for free from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Ave...