Biomea climbs 57% on Phase 2 data for Type 2 diabetes candidate

Biomea Fusion (NASDAQ:BMEA) added ~57% in the morning hours on Tuesday after announcing that 89%of Type 2 diabetes patients in its Phase 2 trial for lead asset BMF-219 indicated a decline in blood glucose levels after four weeks of therapy.

The readout was from the company’s COVALENT-111 program for BMF-219, which consists of Phase I and Phase 2 portions. While Phase 1, aimed at healthy subjects, is already completed, Phase 2 is currently underway for adult patients with type 2 diabetes uncontrolled by current therapies.

Disclosing topline data from Phase 2, Biomea (BMEA) said that after four weeks of once-daily 100 mg BMF-219, 89% of patients in Cohort 3 achieved a reduction in HbA1c, a biomarker used to measure the blood glucose level.

Meanwhile, 78% achieved at least a 0.5% reduction in A1c, and 56% indicated at least a 1% reduction in A1c.

In Cohort 2, where BMF-219 dosing was done with food, 70% of patients achieved a reduction in HbA1c at four weeks, while 30% achieved >0.5% to <1.0% reduction in A1c.

Biomea (BMEA) said that all subjects completed the 4-week treatment with no dose reductions or serious or severe adverse events.

The company intends to study additional dosing periods longer than four weeks to evaluate the impact of BMF-219 on blood glucose levels.

“Importantly, these initial data also give us the confidence to continue our plans to move forward with evaluating BMF-219 as a potential treatment for patients with type 1 diabetes,” Chief Executive Thomas Butler remarked.

Biomea (BMEA) stock is a favorite on Wall Street with an average rating of Strong Buy from analysts, while Seeking Alpha's Quant System, which consistently beats the market, rated BMEA as a Hold.