Olema Pharmaceuticals, Inc. (“Olema”, “Olema Oncology”, Nasdaq:
OLMA), a clinical-stage biopharmaceutical company focused on the
discovery, development and commercialization of targeted therapies
for women’s cancers, announced today that it has entered into a
stock purchase agreement for a private placement of approximately
$130 million of common stock (the “Private Placement”) 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 (the “Credit Facility”). The Private Placement is
expected to close on September 12, 2023, subject to customary
closing conditions.
The Private Placement was led by Paradigm BioCapital Advisors,
with participation by Lightspeed Venture Partners, Deep Track
Capital, BVF Partners L.P., Cormorant Asset Management, Vivo
Capital, Logos Capital, and Woodline Partners LP. Pursuant to the
terms of the stock purchase agreement, Olema will issue 13,211,382
shares of common stock at a purchase price of $9.84 per share, for
gross proceeds of approximately $130 million, before deducting
offering expenses. The Private Placement is being conducted in
accordance with applicable Nasdaq rules and was priced using the
average closing price of Olema’s common stock for the five trading
days ended September 1, 2023.
The Credit Facility is provided by Silicon Valley Bank, a
division of First-Citizens Bank & Trust Company (“SVB”), 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 (“Closing”),
and the remaining $25 million may be made available upon approval
by SVB in its discretion. The Company does not anticipate drawing
on the Credit Facility at Closing.
"We are very pleased to announce this combined equity and debt
financing.” said Sean P. Bohen, M.D., Ph.D., President and Chief
Executive Officer of Olema Oncology. “With the support of both
existing and new equity investors as well as SVB, 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.”
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 proceeds from these
financings, combined with current cash, cash equivalents and
marketable securities, is expected to be sufficient to fund the
current operating plan into 2027.
The securities described above have not been registered under
the Securities Act of 1933, as amended (the “Securities Act”), or
any state’s securities laws, and are being issued and sold pursuant
to an exemption from registration provided for under the Securities
Act. Accordingly, these securities may not be offered or sold in
the United States, except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Securities Act. Olema has agreed to file a
registration statement with the U.S. Securities and Exchange
Commission (the “SEC”) registering the resale of the shares of
common stock issued and sold in the Private Placement. Any offering
of the securities under the resale registration statement will only
be made by means of a prospectus.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
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. For
more information, please visit us at www.olema.com, or follow us on
Twitter and LinkedIn.
Forward Looking Statements
Statements contained in this press release regarding matters
that are not historical facts are “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Words such as
“anticipate,” “expect,” “will,” “may,” “goal,” “potential” and
similar expressions (as well as other words or expressions
referencing future events, conditions or circumstances) are
intended to identify forward-looking statements. These statements
include those related to the completion of the Private Placement,
the use of proceeds therefrom, the availability of funds under the
Credit Facility, the anticipated filing of a registration statement
to cover resales of the shares issued in the Private Placement,
Olema's expectation that the proceeds from these financings,
combined with current cash, cash equivalents and marketable
securities, is expected to be sufficient to fund the current
operating plan into 2027, and the initiation and timeline of
Olema’s pivotal Phase 3 monotherapy clinical trial (OPERA-01).
Because such statements deal with future events and are based on
Olema’s current expectations, they are subject to various risks and
uncertainties, and actual results, performance or achievements of
Olema could differ materially from those described in or implied by
the statements in this press release. These forward-looking
statements are subject to risks and uncertainties, including,
without limitation, those discussed in the section titled “Risk
Factors” in Olema’s Quarterly Report on Form 10-Q for the quarter
ended June 30, 2023, and future filings and reports that Olema
makes from time to time with the U.S. Securities and Exchange
Commission. Except as required by law, Olema assumes no obligation
to update these forward-looking statements, including in the event
that actual results differ materially from those anticipated in the
forward-looking statements.
IR Contact:Geoffrey Mogilner, Vice President, Communications and
Investor Relationsir@olema.com
Media Contact:Ignacio Guerrero-Ros, Ph.D., Russo
Partners646-942-5604ignacio.guerrero-ros@russopartnersllc.com
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