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Biomea Fusion Reports Fourth Quarter and Full Year 2023 Financial Results and Corporate Highlights
In 2023, reported Phase 2 data (COVALENT-111) in type 2 diabetes patients supporting the disease-modifying potential of BMF-219 to address a root cause of
About this update from Biomea Fusion, Inc.
[{"type":"text","content":"In 2023, reported Phase 2 data (COVALENT-111) in type 2 diabetes patients supporting the disease-modifying potential of BMF-219 to address a root cause of diabetes: a loss of healthy, insulin-producing beta cells. After just a 4-week treatment period in type 2 diabetes patients, who had previously failed standard of care (HbA1c > 7.0% and Enrollment underway in COVALENT-111 expansion cohort (n=216) to evaluate dosing duration up to 12 weeks; initial readout after 26 weeks of follow up expected in 2024. In 2023, initiated a Phase 2 study of BMF-219 in type 1 diabetes patients (COVALENT-112); initial readout anticipated in 2024.Biomea aims to deliver short-term, non-chronic treatment that will reconstitute insulin-producing beta cells, allowing diabetes patients’ own bodies to durably normalize blood sugar levels.Data readouts of COVALENT-111 and COVALENT-112 in 2024 will inform the design of potentially pivotal Phase 3 studies in type 2 and type 1 diabetes, targeting 2025 initiation.In 2023, reported initial topline data from Phase 1 study of BMF-219 in acute myeloid leukemia (AML); continuing to progress COVALENT-101 in liquid tumors, COVALENT-102 in solid tumors and COVALENT-103 (BMF-500) in AML.Cash position of $177.2 million at the end of the fourth quarter of 2023. REDWOOD CITY, Calif., April 01, 2024 (GLOBE NEWSWIRE) -- Biomea Fusion, Inc. (“Biomea” or “the Company”) (Nasdaq: BMEA), a clinical-stage biopharmaceutical company dedicated to discovering and developing oral covalent small molecules to treat and improve the lives of patients with metabolic diseases and genetically defined cancers, reported fourth quarter and full year 2023 financial results and corporate highlights. “2023 was a pivotal year for Biomea as we reported first positive data in type 2 diabetes and initiated our first clinical study in type 1 diabetes. We also announced initial positive data in AML in 2023. It has been gratifying to see the ongoing and continued improvement in HbA1c after only a 4-week dosing period with BMF-219 in type 2 diabetes patients with poorly controlled diabetes. Critically, we have now evaluated BMF-219 out to 26 weeks, or 5 months, after the last dose of BMF-219, and reported promising longer-term data. Based on these clinical and our preclinical findings we have observed with confidence, that the inhibition of menin is corre...