Olema Oncology Gains Impressive $180 Million Boost in Combined Financing
SAN FRANCISCO, Sept. 05, 2023 (GLOBE NEWSWIRE) — Olema Pharmaceuticals, Inc. (“Olema”, “Olema Oncology”, Nasdaq: OLMA), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of targeted therapies for women’s cancers, has secured a remarkable financial package to power its pioneering cancer research.
The funding includes a $130 million equity private placement led by Paradigm BioCapital Advisors, supported by Lightspeed Venture Partners, Deep Track Capital, BVF Partners L.P., Cormorant Asset Management, Vivo Capital, Logos Capital, and Woodline Partners LP. Additionally, Olema has forged a strategic senior secured credit facility of up to $50 million with Silicon Valley Bank, further fortifying its financial position.
This combined financial thrust, including equity investment and a credit facility, propels Olema to pursue its pivotal Phase 3 trial, OPERA-01, set to kick off in the fourth quarter of this year. The successful equity private placement, slated to conclude on September 12, 2023, is set to infuse Olema with approximately $130 million in gross proceeds, substantially bolstering its mission to advance novel therapies for women’s cancers.
The new senior secured credit facility, provided by Silicon Valley Bank, opens up the possibility of an additional $50 million to fuel Olema’s ambitious research and development initiatives, further enhancing its potential to make a lasting impact on the fight against women’s cancers. This financing package, in tandem with existing resources, equips Olema with a financial runway extending into 2027.
Olema’s visionary President and CEO, Sean P. Bohen, M.D., Ph.D., expressed enthusiasm for this financial milestone, highlighting the company’s readiness to embark on a pivotal Phase 3 trial, marking a significant step forward in the quest to transform the landscape of women’s cancer treatment. This strategic financing reflects the collective commitment to advancing Olema’s groundbreaking work in cancer research, bringing hope to countless individuals affected by these diseases.
About Olema Oncology
Olema Oncology, a dynamic clinical-stage biopharmaceutical company, is on a mission to revolutionize the landscape of women’s cancer treatment. At the heart of their innovative approach is palazestrant (OP-1250), a proprietary small molecule with a dual role as a complete estrogen receptor (ER) antagonist (CERAN) and a selective ER degrader (SERD).
This groundbreaking compound is currently undergoing evaluation in a Phase 2 clinical trial, both as a standalone therapy and in combination with CDK4/6 inhibitors (palbociclib and ribociclib), along with a PI3Ka inhibitor (alpelisib).
What sets palazestrant apart is its potential to transform the lives of patients with recurrent, locally advanced, or metastatic ER-positive (ER+), human epidermal growth factor receptor 2-negative (HER2-) breast cancer. Recognizing its significance, the FDA has granted palazestrant Fast Track designation, paving the way for an accelerated path to benefit those whose breast cancer has progressed despite prior endocrine therapy.
Headquartered in the vibrant city of San Francisco and with a significant presence in Cambridge, Massachusetts, Olema Oncology is committed to pushing boundaries and providing hope to individuals facing women’s cancers. Their groundbreaking work represents a beacon of optimism in the ongoing battle against these challenging diseases, offering new possibilities and renewed hope for patients and their families.
Forward Looking Statements
In this forward-looking statement, Olema shares its vision for the future. They’re not just dwelling on historical facts; they’re paving the way for groundbreaking developments in healthcare. With words like “anticipate,” “expect,” and “potential,” they’re signaling their commitment to progress and innovation. Olema is on a mission, and they want you to join them on this exciting journey.
The statement touches upon critical aspects such as the completion of the Private Placement, the use of funds, and the timeline for their pivotal Phase 3 monotherapy clinical trial (OPERA-01). But, as with any pioneering venture, there are challenges and uncertainties on the horizon. Olema acknowledges this reality and emphasizes its dedication to transparency by discussing the potential risks and uncertainties.
In the ever-evolving field of biopharmaceuticals, Olema is determined to keep pushing boundaries and making a difference. They’re not just focused on today; they’re setting their sights on a future where women’s cancer treatment is more effective and accessible. As they navigate this uncharted territory, Olema’s commitment remains unwavering, and they invite you to be a part of their transformative journey.