Biomea Fusion (BMEA) said late Monday that preliminary data from an ongoing phase I study of BMF-500 supports its potential as a "transformative" therapy for patients with FMS-like tyrosine kinase 3 mutated relapsed or refractory acute leukemia, a type of cancer.

The investigational therapy demonstrated a "favorable" safety and tolerability profile in the trial, with no dose-limiting toxicities observed across all dose levels, the company said.

"Given the safety profile demonstrated to date, and the lack of myelosuppression, we think BMF-500 could be an excellent combination partner used in standard of care," Biomea Chief Executive Thomas Butler said in a statement.

The company's shares were up 3.6% in after-hours activity.

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