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biomea FUSION ™ Biomea Fusion Reports First Quarter 2021 Financial Results and Business Highlights May 27 , 2021 -- Received $ 167 million in aggregate gross proceeds in April from initial public offering -- - Advancing lead oncology program BMF - 219 , a small molecule irreversible menin inhibitor , toward IND filing in second half of 2021 -- -- Mick Hitchcock , Ph.D. , former senior advisor to Gilead joined the Board of Directors -- REDWOOD CITY , Calif . , May 27 , 2021 ( GLOBE NEWSWIRE ) -- Biomea Fusion , Inc. ( " Biomea ” ) ( Nasdaq : BMEA ) , a preclinical - stage biopharmaceutical company focused on the discovery and development of irreversible small molecules to treat patients with genetically defined cancers , reported financial results for the first quarter 2021 . " I could not be more proud of Team Fusion and what we have achieved scientifically and operationally during this past quarter , " said Thomas Butler , Biomea's CEO and Chairman of the Board . " We continue to execute at a very high level and are on track to submit our IND application to the FDA for BMF - 219 during the second half of this year . We believe that menin will become a cornerstone therapeutic target for cancer treatments , and our approach to disrupt this scaffold protein through irreversible inhibition will afford us a profound opportunity to create effective and patient - friendly therapies for some of today's most untreatable cancers . Over just a four month period , we were able to complete a Series A financing in December 2020 and our recent IPO in April , raising a combined total of $ 223 million in aggregate gross proceeds . Our strong balance sheet provides us today with ample funding to fully explore the potential of BMF - 219 in multiple tumor types , comprehensively build out our proprietary irreversible platform , and progress multiple early - stage small pipeline molecules into the clinic . During the same period , we also doubled the size of our team , bringing in extremely talented but also friendly and passionate people . " Business Highlights • Completed initial public offering ( " IPO ” ) in April . The Company's common stock commenced trading on the Nasdaq Global Select Market under the ticker symbol " BMEA " on April 16 , 2021. The IPO , at a public offering price of $ 17.00 per share , raised $ 167 million in aggregate gross proceeds , including shares sold to the underwriters pursuant to the exercise of their option to purchase additional shares in May 2021. As of April 30 , 2021 , there were 28,767,867 shares of common stock outstanding . • Continue to advance lead program , BMF - 219 , toward the clinic . Biomea continues to progress BMF - 219 , an irreversible menin inhibitor for the treatment of menin - dependent cancers . Biomea anticipates filing an investigational new drug ( IND ) application in the second half of 2021. The company has two additional programs pursuing undisclosed targets , which are currently in the discovery phase . • Strengthened the Board of Directors . In the first quarter Biomea added Mick Hitchcock , Ph.D. , former senior advisor to Gilead , who brings 40 years of biotech experience in drug development and commercialization to its board of directors . Financial Highlights First Quarter 2021 Financial Results • Biomea reported a net loss attributable to common stockholders of $ 5.9 million for the first quarter of 2021 , compared to a net loss of $ 0.4 million for the same period in 2020 . • Research and development expenses were $ 3.8 million for the three months ended March 31 , 2021 , compared to $ 0.3 million for the same period in 2020. The increase in R & D expenses was primarily due to an increase in pre - clinical development activities for BMF - 219 and higher personnel - related expenses . • General and administrative expenses were $ 2.1 million for the three months ended March 31 , 2021 , compared to $ 0.1 million for the same period in 2020. The increase in G & A expenses was primarily due to higher personnel - related expenses and other corporate costs to support the Company's expanding operations . • As of March 31 , 2021 , the Company had cash , cash equivalents , restricted cash , and investments of $ 57.5 million . About Biomea Fusion