Biomea Fusion, Inc. Stock Price, News & Analysis

Biomea Fusion, a clinical-stage biopharmaceutical company, announced new clinical data from the Phase II COVALENT-111 trial involving BMF-219 for type 2 diabetes. This data will be showcased at the 2023 American Diabetes Association (ADA) Scientific Sessions in San Diego from June 23-26, 2023. BMF-219, a novel covalent menin inhibitor, aims to regenerate insulin-producing beta cells, potentially reversing diabetes progression. The trial includes a randomized, double-blind, placebo-controlled study for uncontrolled type 2 diabetes patients, building on positive initial safety and efficacy data reported in March 2023. Biomea will also host an investor and KOL event during the sessions. More details will be provided later, adhering to ADA’s abstract embargo policies.

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.