Olema Oncology Secures $180M in Financing, Share Price Jumps 22%

Olema Oncology (Nasdaq: OLMA) has entered into a stock purchase agreement for a private placement of approximately $130 million of common stock to selected institutional and accredited investors, as well as a new senior secured credit facility with an aggregate principal amount of up to $50 million.

Sean P. Bohen, M.D., Ph.D., President and Chief Executive Officer of Olema Oncology, said, “We are very pleased to announce this combined equity and debt financing. With the support of both existing and new equity investors…we are now well positioned to execute on our planned monotherapy pivotal Phase 3 trial, OPERA-01, which we expect to initiate in the fourth quarter of this year.”

The financing provides sufficient capital to fund Olema into 2027.


The $130 million equity private placement is led by Paradigm BioCapital with participation by Lightspeed Venture Partners, Deep Track Capital, BVF Partners L.P., Cormorant Asset Management, Vivo Capital, Logos Capital, and Woodline Partners LP.

The Credit Facility is provided by Silicon Valley Bank, and is a four-year senior secured credit facility with an aggregate principal amount of up to $50 million, of which $25 million will be available upon the closing of the Private Placement.

Olema intends to use the net proceeds from the proposed financing to fund research and development of palazestrant (OP-1250) and other ongoing research programs, and for working capital and general corporate purposes.

The Private Placement is expected to close on September 12, 2023.

About Olema Oncology

Olema Oncology is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of targeted therapies for women’s cancers. Olema’s lead product candidate, palazestrant (OP-1250), is a proprietary, orally-available small molecule with dual activity as both a complete estrogen receptor (ER) antagonist (CERAN) and a selective ER degrader (SERD). It is currently being evaluated both as a single agent in an ongoing Phase 2 clinical trial, and in combination with CDK4/6 inhibitors (palbociclib and ribociclib) and a PI3Ka inhibitor (alpelisib), in patients with recurrent, locally advanced or metastatic ER-positive (ER+), human epidermal growth factor receptor 2-negative (HER2-) breast cancer. Palazestrant has been granted FDA Fast Track designation for the treatment of ER+/HER2- metastatic breast cancer that has progressed following one or more lines of endocrine therapy with at least one line given in combination with a CDK4/6 inhibitor. Olema is headquartered in San Francisco and has operations in Cambridge, Massachusetts.

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Olema Oncology Secures $180M in Financing, Share Price Jumps 22%

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