Olema Enters Into New Partnership With Pfizer For Metastatic Breast Cancer Treatment

(RTTNews) - Olema Pharmaceuticals, Inc. (OLMA), Tuesday announced a new clinical trial collaboration and supply agreement with Pfizer Inc. (PFE) to evaluate in a Phase 1b/2 study the safety and combinability of palazestrant plus atirmociclib in metastatic breast cancer patients.

As per the terms of the agreement, Pfizer will supply atirmociclib for use in the Phase 1b/2 study and Olema will lead the conduct of the study.

If successful, the companies would proceed with a pivotal trial in the frontline setting.

CEO Sean Bohen of Olema commented, "With OPERA-01, our first pivotal study of palazestrant, underway and our OPERA-02 ribociclib combination trial in frontline metastatic breast cancer anticipated to initiate this quarter, we remain focused on achieving our goal of transforming the metastatic breast cancer treatment paradigm."

In the pre-market hours, Olema's stock is moving down 3.41 percent, to $5.25 on the Nasdaq.