The results are compelling when compared with approved drugs known as GLP-1 agonists that showed a reduction of between 0.5% and 0.8% in A1C after four weeks of treatment, Jefferies analysts wrote in a note to clients. Biomea also has so far only shared results from the lowest of five doses it plans to test, meaning higher doses could have more dramatic effects.
Biomea wasted no time in capitalizing on investor enthusiasm for its stock. On Wednesday morning, the company announced a secondary offering to raise $125 million in a market that has been inhospitable to the biotech industry in recent months. At more than $34 apiece, the company’s shares are worth more than twice their debut price in 2021, making Biomea one of the sector’s top performers among biotechs that have gone public in the last two-plus years, according to BioPharma Dive data.