Clementia Pharmaceuticals (NASDAQ: CMTA), a Montreal, Canada-based developer of a drug to treat fibrodysplasia ossificans progressiva, raised US$10m in pre IPO funding.
In March 2017, in the wake of Clementia Pharmaceuticals’ initial public offering, the Fonds de solidarité FTQ made the investment and is also participating in the company’s IPO.
Led by Clarissa Desjardins, President and CEO, and Michael Singer, CFO, Clementia Pharmaceuticals is a clinical stage biopharmaceutical company developing its lead candidate palovarotene, a novel RARγ agonist, to treat Fibrodysplasia Ossificans Progressiva (FOP), Multiple Osteochondromas (MO), and other diseases.
On August, 2, Clementia Pharmaceuticals announced the pricing of its initial public offering of 8,000,000 common shares at an initial public offering price of $15.00 per share. In addition, the company Clementia has granted the underwriters a 30-day option to purchase up to an additional 1,200,000 common shares at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close today, on August 7, 2017, subject to customary closing conditions.
The company was backed by Orbimed, New Enterprise Associates and BDC Capital.