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Olema Oncology Reports Second Quarter 2024 Financial Results and Provides Corporate Update
Presented promising interim clinical results from the ongoing study of palazestrant in combination with ribociclib at the 2024 ESMO Breast Cancer Congress.
About this update from Olema Pharmaceuticals, Inc.
[{"type":"text","content":"Presented promising interim clinical results from the ongoing study of palazestrant in combination with ribociclib at the 2024 ESMO Breast Cancer Congress. Updated results expected to be presented at a future medical meeting Successfully completed Investigational New Drug (IND)-enabling studies for OP-3136, Olema’s novel KAT6 inhibitor, with IND application expected to be filed with FDA in late 2024. Additional pre-clinical data for OP-3136 to be presented in the fourth quarterCash, cash equivalents and marketable securities of $239.1 million as of June 30, 2024 SAN FRANCISCO, Aug. 06, 2024 (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 second quarter ended June 30, 2024, and provided a corporate update. “The clinical data we presented at the ESMO Breast Cancer Annual Congress in May demonstrated that the palazestrant-ribociclib combination was well tolerated with no new safety signals or enhancement of toxicity. The preliminary efficacy data is highly encouraging and we look forward to updating with more mature efficacy,” said Sean P. Bohen, M.D., Ph.D., President and Chief Executive Officer of Olema Oncology. “The OPERA-01 Phase 3 clinical trial for palazestrant as a monotherapy in second/third-line metastatic breast cancer is ongoing, and later this year we are looking forward to presenting new data on our KAT6 inhibitor, OP-3136, and filing an Investigational New Drug (IND) application with the FDA.” Second Quarter 2024 Highlights Presented interim Phase 1b/2 clinical results of palazestrant (OP-1250) in combination with ribociclib at the ESMO Breast Cancer Annual Congress 2024 in Berlin, Germany. Results showed palazestrant in combination with ribociclib was well tolerated with no new safety signals or enhancement of toxicity and no meaningful impact on drug exposure of either therapy. In addition, a preliminary clinical benefit rate (CBR) of 85% was observed across 13 CBR-eligible patients.Presented trial-in-progress poster on OPERA-01, a pivotal Phase 3 monotherapy clinical trial in the second- and third-line setting of ER+/HER2- advanced or metastatic breast cancer, at the 2024 ASCO Annual Meet...