Business
Olema Oncology Reports Fourth Quarter and Full Year 2021 Financial Results and Provides Corporate Update
Presented Phase 1a proof-of-concept data for OP-1250 in metastatic, ER+ / HER2- breast cancer, with demonstrated attractive pharmacokinetics, favorable
About this update from Olema Pharmaceuticals, Inc.
[{"type":"text","content":"Presented Phase 1a proof-of-concept data for OP-1250 in metastatic, ER+ / HER2- breast cancer, with demonstrated attractive pharmacokinetics, favorable tolerability and encouraging anti-tumor activity in a heavily pretreated patient populationEnrollment in Phase 1b dose expansion on track to complete in Q1 2022; Phase 2 to initiate in H1 2022Initiated Phase 1b combination study with palbociclib; Additional combination trials with CDK4/6 and PI3Kα inhibitors planned in 2022 Appointed biotech industry veteran Naseem Zojwalla, M.D., as Chief Medical OfficerStrong cash, cash equivalents and marketable securities position of $287.3 million as of December 31, 2021 sufficient to fund operations into 2024 SAN FRANCISCO, Feb. 28, 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 financial results for the fourth quarter and full year ended December 31, 2021 and provided a business update. “2021 was a transformative year for Olema. Our team made important progress against our strategic goals, culminating in the presentation of strong proof-of-concept data for OP-1250 in ER+ / HER2- breast cancer. The initial data, demonstrating OP-1250’s attractive pharmacokinetics, favorable tolerability and encouraging anti-tumor activity in a heavily pretreated patient population, validate OP-1250’s potential to become the endocrine therapy of choice for ER+ breast cancer. We are now actively expanding our clinical study enrollment and expect to be in a position to present more data later this year,” said Sean P. Bohen, M.D., Ph.D., President and Chief Executive Officer of Olema Oncology. “Importantly, we entered 2022 with a strong balance sheet, and as we continue to build our team and grow our capabilities, we are well positioned to advance our clinical development program and discovery efforts.” Recent Corporate Highlights Presented interim Phase 1a dose escalation data for OP-1250 from the ongoing Phase 1/2 clinical study. The initial data provide strong proof-of-concept supporting OP-1250’s potential as a once-daily oral monotherapy in women with recurrent, locally advanced, or metastatic ER+ / HER2- breast cancer, with OP-1250 demonstrating h...