Biomea Fusion rises as diabetes drug shows promise

Shares of drug developer Biomea Fusion BMEA.O rise 3.4% to $1.23 premarket

Co says experimental drug, icovamenib, helped patients with severe type 2 diabetes maintain better blood sugar control nine months after treatment

Study presented at World Congress on Insulin Resistance in Los Angeles, co says

BMEA says drug aims to restore insulin-producing cells; tested in adults who failed up to three standard therapies

No serious side effects reported; further trials planned with GLP-1 users later this year, says co

As of last close, stock down ~69% YTD