Olema Oncology, a San Francisco, CA-based clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of targeted therapies for women’s cancers, closed an $85m Series C financing.
The round was led by Vivo Capital with participation from additional new investors, including Avoro Capital Advisors, funds and accounts managed by BlackRock, Deerfield Management Company, and OrbiMed, among other investors. All existing institutional investors – BVF Partners L.P., Logos Capital, Janus Henderson Investors, Cormorant Asset Management, Wellington Management Company, RA Capital Management, Venrock Healthcare Capital Partners, Surveyor Capital (a Citadel company), and Foresite Capital – also participated.
The company intends to use the funds to advance the clinical development of OP-1250, its lead product candidate in breast cancer, and expand ongoing research and development activities. OP-125 is currently being evaluated in a Phase 1/2 clinical trial in patients with recurrent, locally advanced or metastatic estrogen-receptor-positive (ER+), human epidermal growth factor receptor 2-negative (HER2-) breast cancer whose disease has progressed on endocrine therapy.
Led by Sean P. Bohen, M.D., Ph.D., President and Chief Executive Officer, and Shane Kovacs, Chief Operating and Financial Officer, Olema is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of targeted therapies for women’s cancers. Its lead product candidate, OP-1250, a complete estrogen receptor (ER) antagonist (CERAN) and a selective ER degrader (SERD), is currently being studied in a Phase 1/2 clinical trial for the treatment of recurrent, metastatic or locally advanced ER-positive (ER+), human epidermal growth factor receptor 2-negative (HER2-) breast cancer.
The company plans to conduct additional studies evaluating OP-1250 in combination with other targeted breast cancer therapies.