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)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.