** 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

(Reporting by Sahil Pandey in Bengaluru)

((Sahil.Pandey@thomsonreuters.com))