Clementia Pharmaceuticals, Inc., a Montreal, Quebec, Canada-based clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for people living with rare diseases, completed a U.S. $60m mezzanine round of financing.
The round was led by New Enterprise Associates (NEA) with participation by UCB, RA Capital Management, Rock Springs Capital Management, EcoR1 Capital, and a fund advised by Janus Capital Management LLC as well as existing investors OrbiMed Advisors and BDC Capital Healthcare Venture Fund.
The company intends to use the funds for the ongoing development of its lead compound palovarotene for the treatment of fibrodysplasia ossificans progressiva (FOP).
Led by Clarissa Desjardins, Ph.D., Chief Executive Officer, and newly appointed Chief Financial Officer Michael Singer, Clementia advances Palovarotene, an investigational retinoic acid receptor gamma agonist, which is currently in Phase 2 clinical trials for patients with Fibrodysplasia Ossificans Progressiva (FOP). A rare, severely disabling genetic disease, FOP is characterized by painful, recurrent episodes of soft tissue swelling (flare-ups) and abnormal new bone formation. This process, known as heterotopic ossification (HO), occurs in muscles, tendons and ligaments, causing significant morbidities and progressive disability. There are currently no approved treatments for FOP.