Health Care

$8.5 million upfront with up to approximately $15.2 million of potential additional gross proceeds upon the exercise in full of warrants

•Translational data presented at ADA demonstrate icovamenib’s potential to promote muscle preservation and fat reduction, supporting its broader therapeutic utility in obesity and diabetes, including as a complementary therapy alongside GLP-1 receptor agonists to enhance metabolic health outcomes 
• Clinical data presented at ADA from COVALENT-112 show improvements in HbA1c and C-peptide in type 1 diabetes patients treated with icovamenib, with no evidence of immune activation, and inflammatory markers stable or reduced
• Additionally, the Company expanded its Phase I BMF-650 study to evaluate a rapid one-step titration and enhanced weight loss potential with its oral GLP-1 receptor agonist

STAMFORD, Conn., June 05, 2026 (GLOBE NEWSWIRE) -- Oban BioPharma today announced that preclinical data for OBT-676, a lead small-molecule candidate for the treatment of obesity and type 2 diabetes, has been selected for a late-breaking presentation at the upcoming American Diabetes Association (ADA) 86th Scientific Sessions being held from June 5^th-8^th in New Orleans, LA. The study characterizes OBT-676 as a new molecular entity that achieves potent full agonism at the amylin and calcitonin receptors (DACRA) while simultaneously delivering partial agonism across the GLP-1, GIP, and glucagon (Triple-G) pathways. OBT-676 demonstrated significant reduction in food intake and adipose-selective weight loss in the industry-standard rat diet-induced obesity (DIO) model.