tiprankstipranks
Biomea Fusion reports Q1 EPS (98c), consensus (81c)
The Fly

Biomea Fusion reports Q1 EPS (98c), consensus (81c)

As of March 31, the company had cash, cash equivalents, restricted cash, and investments of $86.7M, compared to $113.4M as of December 31, 2022, excluding gross proceeds of $172.5M from a public offering of common stock in early April 2023. "In 2023, we expect to continue to advance our clinical programs in diabetes and oncology and plan to report multiple data readouts throughout the remainder of the year, including late-breaking clinical data from COVALENT-111 at the upcoming American Diabetes Association, or ADA, Scientific Sessions," said Thomas Butler, CEO and chairman of Biomea. "Loss of mass and function of beta cells is an underlying cause of type 2 diabetes. There is biological precedent, reinforced by our extensive preclinical data for BMF-219, that suggests inhibiting menin may enable the proliferation, preservation, and reactivation of healthy, functional beta cells capable of producing insulin, thereby leading to long-term glycemic control in patients with type 2 diabetes. We believe that none of the currently approved therapies for diabetes adequately addresses the beta cell mass and function loss. With its intended disease-modifying mechanism of action, BMF-219 could potentially represent a monumental shift for the treatment of patients with diabetes. The initial data we reported from COVALENT-111 in the first quarter of 2023 demonstrated that after just four weeks of treatment with BMF-219, the majority of patients in our lowest dose cohorts showed HbA1c improvements, with indications of potential longer-term disease modification and control. We are excited to report additional data from COVALENT-111 to the diabetes-focused scientific community at ADA in June."

Published first on TheFly

See the top stocks recommended by analysts >>

Read More on BMEA:

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles