Chiasma, Inc., a U.S. privately-held biopharma company, closed a $70m Series E financing round.
Backers included new investors Rock Springs Capital and Sofinnova Ventures, and an undisclosed blue chip public investment fund, as well as existing investors MPM Capital, F2 Capital, 7 Med Health Ventures, Abingworth and ARCH Venture Partners.
Led by Roni Mamluk, Ph.D., chief executive officer, Chiasma develops octreotide capsules, which has received orphan drug designation from the FDA and EMA.
The company intends to use the new capital to build its sales and marketing capabilities and prepare for the U.S. commercial launch of its lead product, octreotide capsules for adults with acromegaly, a rare endocrine disease. It aims to submit a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for octreotide capsules in the second quarter of 2015 and, if the NDA is approved, to launch the product in the U.S. soon thereafter. Chiasma, a Delaware corporation with a wholly owned Jerusalem, Israel-based subsidiary, will also conduct additional clinical studies for octreotide capsules to support approval in the European Union and advance new product candidates based on its proprietary Transient Permeability Enhancer (TPE®) technology into preclinical development.