Olema Oncology grabs $54M for breast cancer program

Olema Oncology, a biotech focused on women’s cancers, raised $54 million to push its lead program into the clinic and boost its R&D efforts in other areas.

The capital will bankroll a phase 1/2 study of the asset, OP-1250, as a single agent. Olema will test the drug, a complete estrogen receptor antagonist, in patients with ER-positive, HER2-negative breast cancers that have come back in spite of other treatments or that have spread locally or to other parts of the body.