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Shares of Biomea Fusion (NASDAQ:BMEA) tumbled Friday after the company released 26-week data from an ongoing Phase 2 study for its drug candidate BMF-219 in the treatment of type 2 diabetes.
Biomea shares recently sold a $12.79 at around 12:30 p.m. ET, down 15% from Thursday’s close, after hitting a low of $10.35 earlier in the day.
Earlier Friday, Biomea said that the 26-week data showed participants in the 100 mg QD without food cohort of the study saw an improved placebo-adjusted mean reduction in HbA1c of 0.08% at 22 weeks after their last dose of BMF-219, compared with a 0.7% placebo adjusted mean reduction at Week 4.
The company presented the data Friday at the World Congress Insulin Resistance, Diabetes & Cardiovascular Disease, which is being held this week. It plans to shares topline data from the escalation portion of the study at the conclusion of the conference.
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