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Olema Oncology Reports Fourth Quarter and Full-Year 2022 Financial Results and Provides Strategic Update
Significant progress made advancing lead program, OP-1250, with more than 170 patients treated to date Initiating first pivotal Phase 3 monotherapy clinical
About this update from Olema Pharmaceuticals, Inc.
[{"type":"text","content":"Significant progress made advancing lead program, OP-1250, with more than 170 patients treated to date Initiating first pivotal Phase 3 monotherapy clinical trial of OP-1250 in second- and third-line metastatic breast cancer in the second half of 2023 Corporate restructuring and portfolio prioritization to focus on the late-stage clinical development of OP-1250 Cash, cash equivalents and marketable securities of $204.4 million as of December 31, 2022, expected to fund operations into 2025 SAN FRANCISCO, March 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 fourth quarter and full-year ended December 31, 2022, and provided a strategic update. “2022 was a successful year for Olema as we generated important clinical data advancing the opportunity for OP-1250, our complete estrogen receptor (ER) antagonist (CERAN) and selective ER degrader (SERD), as both a monotherapy and in combination with a CDK4/6 inhibitor. We continue to have confidence in OP-1250’s ability to become a best-in-class treatment option for ER+/HER2- metastatic breast cancer,” said Sean P. Bohen, M.D., Ph.D., President and Chief Executive Officer of Olema Oncology. “We are committed to realizing the full potential of OP-1250, which we believe has demonstrated a clear, differentiated advantage as a complete ER antagonist and the potential endocrine therapy of choice. Given the challenging equity market environment, we made some difficult decisions regarding our organization and earlier-stage programs. As we sharpen our focus on the late-stage clinical development of OP-1250, we remain steadfast in our goal of bringing this potentially transformative therapy to women living with breast cancer.” Olema’s restructuring announced today is the result of a strategic decision to focus resources on the late-stage clinical development of OP-1250, which includes the initiation of the company’s first pivotal Phase 3 trial in the second half of this year. As a result of the restructuring, Olema’s workforce will be reduced by approximately 25%, affecting employees across research, early development, and general and administrative functions. Chi...