Business
Olema Oncology Reports First Quarter 2022 Financial Results and Provides Corporate Update
Phase 1/2 trial of OP-1250 continues to enroll patients in the dose expansion stage, with selection of Recommended Phase 2 Dose expected in Q2 2022Phase 1b
About this update from Olema Pharmaceuticals, Inc.
[{"type":"text","content":"Phase 1/2 trial of OP-1250 continues to enroll patients in the dose expansion stage, with selection of Recommended Phase 2 Dose expected in Q2 2022Phase 1b combination study with palbociclib ongoing; Additional combination trials with CDK4/6 and PI3Kα inhibitors planned to initiate in 2H 2022Company expects to present updated monotherapy and initial combination data in 2022Strong cash, cash equivalents, and marketable securities of $267.9 million as of March 31, 2022, sufficient to fund operations into 2024 SAN FRANCISCO, May 09, 2022 (GLOBE NEWSWIRE) -- Olema Pharmaceuticals, Inc. (“Olema” or “Olema Oncology,” Nasdaq: OLMA), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of targeted therapies for women’s cancers, today reported first quarter financial results for the period ended March 31, 2022 and provided a business update. “Following the successful completion of the Phase 1a dose escalation portion of our trial for OP-1250 late last year, we are pleased with the continued robust enrollment we are achieving across our development program. Both our Phase 1/2 monotherapy expansion study and the Phase 1b combination trial with palbociclib are advancing, and we expect to initiate additional combination trials later this year. In parallel, we plan to evaluate OP-1250’s potential in the treatment of patients with ER+/HER2+ breast cancer and CNS metastases, an important and underserved patient population with limited treatment options,” said Sean P. Bohen, M.D., Ph.D., President and Chief Executive Officer of Olema Oncology. “Our knowledge and clinical experience with OP-1250 is rapidly expanding. We are fortunate to be supported by both a strong team and balance sheet as we approach potential near-term value drivers for our business. We look forward to presenting updated clinical data later this year.” Recent Corporate Highlights Achieved target enrollment of 30 patients in Phase 1b monotherapy dose expansion at 60 mg and 120 mg dose levels (N=15 per cohort).Enrolled initial dose cohorts in the dose escalation portion of the Phase 1b combination study with palbociclib and dose escalation of OP-1250 continues.Presented two posters at the American Association for Cancer Research (AACR) Annual Meeting, held April 8-13, 2022. Data presented showed that 10 mg/kg OP-1250, a complete...