By Denny Jacob
Olema Pharmaceuticals shares rose 5.3% in premarket trading Monday after its investigational new drug application for OP-3136 was approved by the Food and Drug Administration.
Shares were trading around $11. The stock is down 26% on the year.
OP-3136 is a novel small molecule that potently and selectively inhibits KAT6, a validated epigenetic target that is dysregulated in breast and other cancers, the company said.
"We expect to initiate the Phase 1 clinical trial early next year and are excited by OP-3136's potential in breast cancer and beyond," said David Myles, chief discovery and non-clinical development officer.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
December 09, 2024 07:52 ET (12:52 GMT)
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