On May 27, 2021 Biomea Fusion, Inc. ("Biomea") (Nasdaq: BMEA), a preclinical-stage biopharmaceutical company focused on the discovery and development of irreversible small molecules to treat patients with genetically defined cancers, reported financial results for the first quarter 2021 (Press release, Biomea Fusion, MAY 27, 2021, View Source [SID1234580686]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"I could not be more proud of Team Fusion and what we have achieved scientifically and operationally during this past quarter," said Thomas Butler, Biomea’s CEO and Chairman of the Board. "We continue to execute at a very high level and are on track to submit our IND application to the FDA for BMF-219 during the second half of this year. We believe that menin will become a cornerstone therapeutic target for cancer treatments, and our approach to disrupt this scaffold protein through irreversible inhibition will afford us a profound opportunity to create effective and patient-friendly therapies for some of today’s most untreatable cancers. Over just a four month period, we were able to complete a Series A financing in December 2020 and our recent IPO in April, raising a combined total of $223 million in aggregate gross proceeds. Our strong balance sheet provides us today with ample funding to fully explore the potential of BMF-219 in multiple tumor types, comprehensively build out our proprietary irreversible platform, and progress multiple early-stage small pipeline molecules into the clinic. During the same period, we also doubled the size of our team, bringing in extremely talented but also friendly and passionate people."
Business Highlights
Completed initial public offering ("IPO") in April. The Company’s common stock commenced trading on the Nasdaq Global Select Market under the ticker symbol "BMEA" on April 16, 2021. The IPO, at a public offering price of $17.00 per share, raised $167 million in aggregate gross proceeds, including shares sold to the underwriters pursuant to the exercise of their option to purchase additional shares in May 2021. As of April 30, 2021, there were 28,767,867 shares of common stock outstanding.
Continue to advance lead program, BMF-219, toward the clinic. Biomea continues to progress BMF-219, an irreversible menin inhibitor for the treatment of menin-dependent cancers. Biomea anticipates filing an investigational new drug (IND) application in the second half of 2021. The company has two additional programs pursuing undisclosed targets, which are currently in the discovery phase.
Strengthened the Board of Directors. In the first quarter Biomea added Mick Hitchcock, Ph.D., former senior advisor to Gilead, who brings 40 years of biotech experience in drug development and commercialization to its board of directors.
Financial Highlights
First Quarter 2021 Financial Results
Biomea reported a net loss attributable to common stockholders of $5.9 million for the first quarter of 2021, compared to a net loss of $0.4 million for the same period in 2020.
Research and development expenses were $3.8 million for the three months ended March 31, 2021, compared to $0.3 million for the same period in 2020. The increase in R&D expenses was primarily due to an increase in pre-clinical development activities for BMF-219 and higher personnel-related expenses.
General and administrative expenses were $2.1 million for the three months ended March 31, 2021, compared to $0.1 million for the same period in 2020. The increase in G&A expenses was primarily due to higher personnel-related expenses and other corporate costs to support the Company’s expanding operations.
As of March 31, 2021, the Company had cash, cash equivalents, restricted cash, and investments of $57.5 million.