Biomea Fusion, Inc. - BMEA STOCK NEWS

Biomea Fusion announced the presentation of two significant preclinical abstracts at the AACR Annual Meeting in Orlando from April 14-19, 2023. Abstract 473 reveals that BMF-219, a covalent menin inhibitor, significantly reduced key menin target genes in chronic lymphocytic leukemia (CLL) samples, achieving over 98% growth inhibition compared to both reversible and irreversible BTK inhibitors. Abstract 4939 discusses the promising combination of BMF-219 and BMF-500, a covalent FLT3 inhibitor, aiming to enhance cell killing in acute myeloid leukemia (AML) models. The data underscores BMF-219's potential as a novel therapeutic for CLL and highlights the benefits of combinatorial therapies for AML. Biomea continues to focus on developing innovative treatments for genetically defined cancers.

Biomea Fusion has successfully completed its upsized public offering, issuing 5,750,000 shares at a price of $30.00 per share, generating gross proceeds of $172.5 million. The offering included the exercise of an additional 750,000 shares by underwriters. The funds raised will be allocated towards the continued development of its lead candidate BMF-219, aimed at treating liquid and solid tumors and type 2 diabetes, as well as exploring its use in type 1 diabetes. Additionally, the proceeds will support BMF-500 development and other corporate purposes. J.P. Morgan and Citigroup acted as joint book-running managers for the offering. Biomea's commitment to developing novel covalent small molecules positions it at the forefront of targeted cancer and metabolic disease treatments.

Biomea Fusion, Inc. (Nasdaq: BMEA) has priced its public offering of 5 million shares at $30.00 each, aiming to raise $150 million before expenses. The offering is set to close on April 3, 2023, pending customary conditions. J.P. Morgan and Citigroup are leading the underwriters, with Oppenheimer & Co. and Barclays also involved. The shares are being offered under an effective shelf registration statement previously filed with the SEC. The funds will support Biomea's mission to develop covalent small molecules targeting genetically defined cancers and metabolic diseases, leveraging its proprietary FUSION™ System.

Biomea Fusion, Inc. (Nasdaq: BMEA) has initiated an underwritten public offering of $125 million in common stock, with a potential additional $18.75 million option for underwriters. The offering is subject to market conditions. J.P. Morgan and Citigroup are leading the offering, alongside Oppenheimer & Co. and Barclays. Securities will be offered under an effective shelf registration with the SEC. Biomea Fusion focuses on developing covalent small molecules for genetically defined cancers and metabolic diseases, aiming to enhance treatment effectiveness and patient outcomes.

Biomea Fusion reported its 2022 financial results and announced advancements in its clinical development pipeline, expanding the reach of BMF-219 to eight tumor indications and type 2 diabetes across three trials. The COVALENT-101 study is exploring liquid tumors, while COVALENT-102 targets KRAS-mutated solid tumors. COVALENT-111 has shown promising results in type 2 diabetes patients, with 89% achieving a reduction in HbA1c. The company ended 2022 with $113.4 million in cash, while net losses increased to $81.8 million. The CEO highlighted a transformational shift to a clinical-stage company and anticipates multiple data readouts in 2023.

Biomea Fusion announced positive topline data for its investigational medication, BMF-219, in the Phase II clinical study COVALENT-111 targeting type 2 diabetes (T2DM). After 4 weeks of treatment, 89% of T2DM patients in Cohort 3 achieved an A1c reduction, with 56% seeing at least a 1% decrease. BMF-219 demonstrated a favorable safety profile, with no discontinuations or serious adverse events. The company plans further dose escalation and potential applications for type 1 diabetes. CEO Thomas Butler expressed confidence in BMF-219's capability to regenerate insulin-producing beta cells, addressing the needs of millions with poorly controlled diabetes.

Biomea Fusion (Nasdaq: BMEA) announced plans to host a conference call and webcast on March 28, 2023, at 8:30 am ET, to discuss initial clinical data from the Phase II portion of the COVALENT-111 trial. This trial evaluates BMF-219 for type 2 diabetes, focusing on its potential to restore beta cell function and glycemic control. COVALENT-111 is a randomized, double-blind study involving multiple ascending dose cohorts. The company emphasizes the considerable need for improved diabetes treatments, given the prevalence of the condition affecting over 37 million Americans and the economic burden it imposes on healthcare.

Biomea Fusion (Nasdaq: BMEA), a biopharmaceutical company, announced investor meetings and events scheduled for March 2023. Highlights include a virtual fireside chat focusing on Type 2 diabetes treatment options on March 2 at 12:00 PM (EST) with Oppenheimer & Co. and participation in the Barclays Global Healthcare Conference on March 14, featuring a fireside chat at 4:35 PM (EST) and 1x1 meetings. Another chat is set for Oppenheimer’s 33rd Annual Healthcare Conference on March 15 at 11:20 AM (EST). Webcasts will be available on Bioema's investor page, with replays after the events.

Biomea specializes in covalent small molecules targeting genetically defined cancers and metabolic diseases.

Biomea Fusion has initiated the COVALENT-102 trial, a Phase I/Ib study of BMF-219, the first menin inhibitor targeting KRAS-mutated cancers, including non-small cell lung cancer (NSCLC), colorectal cancer (CRC), and pancreatic ductal adenocarcinoma (PDAC). BMF-219 has shown potential to treat a significant percentage of these cancer patients, addressing an unmet medical need. The company aims to explore BMF-219's efficacy in patients who haven't responded to existing therapies. Given KRAS mutations' prevalence in these cancers, successful outcomes could substantially impact treatment options and market dynamics for BMEA, providing a promising outlook for investors.