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Olema Oncology Reports First Quarter 2023 Financial Results and Provides Corporate Update
Initiation of first pivotal Phase 3 monotherapy clinical trial of OP-1250 in second- and third-line metastatic breast cancer planned for the second half of
About this update from Olema Pharmaceuticals, Inc.
[{"type":"text","content":"Initiation of first pivotal Phase 3 monotherapy clinical trial of OP-1250 in second- and third-line metastatic breast cancer planned for the second half of 2023Interim Phase 2 clinical results of OP-1250 in combination with palbociclib to be presented at the 2023 ESMO Breast Cancer Annual Congress on May 12, 2023Company expects to present Phase 2 monotherapy and initial ribociclib combination clinical results in the second half of 2023Cash, cash equivalents and marketable securities of $186.0 million as of March 31, 2023, expected to fund operations into 2025 SAN FRANCISCO, May 09, 2023 (GLOBE NEWSWIRE) -- Olema Pharmaceuticals, Inc. (“Olema”, “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 financial results for the first quarter ended March 31, 2023, and provided a corporate update. “We are on track for the initiation of our first pivotal Phase 3 clinical trial in the second half of this year,” said Sean P. Bohen, M.D., Ph.D., President and Chief Executive Officer of Olema Oncology. “Our ongoing Phase 2 studies continue to generate data in support of our underlying thesis that OP-1250 has the potential to become a best-in-class complete estrogen receptor antagonist and improve upon the current standard of care in the treatment of ER+/HER2- metastatic breast cancer. We look forward to presenting our next clinical update at the 2023 ESMO Breast Cancer Annual Congress in mid-May, and we believe we are well-positioned to achieve our goal to significantly improve endocrine therapy for women living with breast cancer.” Anticipated Upcoming Milestones Present interim Phase 2 clinical study results of OP-1250 in combination with CDK4/6 inhibitor (palbociclib) at the 2023 ESMO Breast Cancer Annual Congress in Berlin, Germany, in a poster presentation on May 12, 2023.Present trials-in-progress clinical study overview of OP-1250 in combination with ribociclib or alpelisib in a poster presentation at the 2023 ASCO Annual Meeting, June 2-6, 2023, in Chicago, IL.Initiate a pivotal Phase 3 monotherapy clinical trial in the second- and third-line setting of ER+/HER2- advanced or metastatic breast cancer in the second half of 2023.Present Phase 2 monotherapy clinical study results in the second half o...