On June 6, 2024, after the market closed, Biomea Fusion issued a press release entitled “Biomea Fusion Announces BMF-219 in Diabetes Placed on Clinical Hold.” It stated that the company had “received notice from the U.S. Food and Drug Administration (FDA) that a full clinical hold has been placed on Biomea’s ongoing Phase I/II clinical trials of the Company’s investigational covalent menin inhibitor BMF-219 in type 2 and type 1 diabetes (COVALENT-111 and COVALENT-112), respectively. The Company will continue ongoing safety and efficacy data collection during the hold.”
On this news, Biomea Fusion’s stock fell 63% on June 7, 2024.
