What's Driving Biomea Fusion? Stock Soars 25%

Biomea Fusion

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Kaufen / Verkaufen

(RTTNews) - In less than three hours, Biomea Fusion Inc. (BMEA) will conduct a conference call and webcast at 8:00 am EST to present topline results from its COVALENT-111 trial.

COVALENT-111 is a phase I/II clinical trial of the company's investigational drug Icovamenib in type 2 diabetes.

Icovamenib is an oral, potent, and selective covalent inhibitor of menin, a key transcriptional regulator known to play a direct role in regulating the growth of beta cells in the pancreas as well as in oncogenic signaling in multiple cancers.

The phase I portion of the COVALENT-111 trial that evaluated Icovamenib in healthy adults in single ascending dose cohorts is complete. The phase II portion of the study consists of multiple ascending dose cohorts and includes adult patients with type 2 diabetes uncontrolled by standard-of-care medicines. Once the Escalation phase of COVALENT-111 was completed, the study advanced into an Expansion Phase (phase IIb) consisting of multiple cohorts dosing type 2 diabetes patients for longer dose durations.

The topline results to be reported today are the 26-week data from approximately 200 type 2 diabetes patients in the phase IIb portion of the COVALENT-111 trial.

BMEA closed Monday's trading at $5.85, up 3.72%. In premarket trading today, the stock is up another 25% at $7.36.