Olema Oncology, a biopharmaceutical company developing innovative targeted therapies for women's cancers, today announced the closing of an oversubscribed $54 million Series B financing. Proceeds will be used to advance OP-1250, the Company's lead program in breast cancer, into Phase 1/2 clinical development and expand ongoing research and development activities.

The financing was co-led by BVF Partners L.P., Logos Capital and Janus Henderson Investors, with participation from new investors Cormorant Asset Management, RA Capital Management, Wellington Management Company, Surveyor Capital (a Citadel company), Venrock Healthcare Capital Partners, and Foresite Capital. Graham Walmsley, M.D., Ph.D., Managing Partner at Logos Capital, has joined Olema's Board of Directors, which also includes Frank McCormick, Ph.D., FRS, DSc (Hon), Professor, UCSF Helen Diller Family Comprehensive Cancer Center; Andy Rapapport, Partner Emeritus of August Capital; Gorjan Hrustanovic, Ph.D., Principal at BVF Partners, L.P.; and Cyrus Harmon, Ph.D., President and Chief Executive Officer of Olema Oncology.

Olema Oncology is a biopharmaceutical company developing innovative targeted therapies for women's cancers. The Company's lead program, OP-1250, a potential best-in-class complete estrogen receptor antagonist (CERAN), is in development to treat estrogen receptor-positive (ER+), human epidermal growth factor receptor 2-negative (HER2-) breast cancer.