Business
Biomea Fusion Reports First Quarter 2023 Financial Results and Corporate Highlights
Reported initial positive clinical data from first two cohorts of Phase II of ongoing Phase I/II study (COVALENT-111) of BMF-219, Biomea’s lead
About this update from Biomea Fusion, Inc.
[{"type":"text","content":"Reported initial positive clinical data from first two cohorts of Phase II of ongoing Phase I/II study (COVALENT-111) of BMF-219, Biomea’s lead investigational, orally administered covalent menin inhibitor, as a novel, potentially disease-modifying treatment for patients with type 2 diabetesContinued enrolling four liquid tumor cohorts in ongoing Phase I study of BMF-219 (COVALENT-101), each focused on distinct patient subsets of acute lymphocytic and myeloid leukemias (ALL/AML), including patients with MLL rearrangements (MLLr) and NPM1 mutations, diffuse large B-cell lymphoma (DLBCL), multiple myeloma (MM) and chronic lymphocytic leukemia (CLL)Continued enrolling patients with KRAS-mutated solid tumors, including non-small cell lung cancer (NSCLC), colorectal cancer (CRC) and pancreatic ductal adenocarcinoma (PDAC), in ongoing Phase I/Ib study of BMF-219 (COVALENT-102)Advanced second product candidate, BMF-500, a novel third generation covalent inhibitor of fms-like tyrosine kinase 3 (FLT3), toward the clinic, with IND cleared to begin a Phase I study of BMF-500 (COVALENT-103)Closed public offering of common stock with gross proceeds of $172.5 million, together with final cash balance of $86.7 million at end of first quarter of 2023, Biomea had approximately $250 million in cash, cash equivalents, restricted cash and investments after the raise in early April 2023 REDWOOD CITY, Calif., May 02, 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, reported first quarter 2023 financial results and business highlights. “In 2023, we expect to continue to advance our clinical programs in diabetes and oncology and plan to report multiple data readouts throughout the remainder of the year, including late-breaking clinical data from COVALENT-111 at the upcoming American Diabetes Association, or ADA, Scientific Sessions,” said Thomas Butler, CEO and Chairman of Biomea. “Loss of mass and function of beta cells is an underlying cause of type 2 diabetes. There is biological precedent, reinforced by our extensive preclinical data for BMF-219, that suggests inhibiting menin may enable the prolife...