Stealth BioTherapeutics, a Boston, MA-based clinical-stage biopharmaceutical company developing a platform of novel therapeutic compounds for the treatment of mitochondrial dysfunction, closed an aggregate $100m financing.
The financing included two convertible note rounds led respectively by Nan Fung Technology’s Pivotal Beta, with participating institutional investors including funds associated with Atlantis Investment Management, BVCF Management, CMBC Capital Holdings, Kingdon Capital, Ocean Equity Partners and Sagamore Investments, and existing investor Morningside Venture. In conjunction with the funding, Vincent Cheung, the managing partner of Pivotal, will join the Stealth board of directors.
The company intends to use the funds:
– to initiate a phase 2b clinical trial of its lead compound, elamipretide, in intermediate dry age-related macular degeneration,
– to prepare for upcoming regulatory and commercial milestones for elamipretide, currently in a phase 3 clinical trial in mitochondrial myopathy and a phase 2/3 clinical trial in Barth syndrome,
– to further develop its phase 2/3 clinical program in Leber’s hereditary optic neuropathy (LHON), and
– to advance IND-enabling studies for new pipeline compounds.
Led by Reenie McCarthy, Chief Executive Officer, Stealth is a clinical-stage biotechnology company focused on the development of therapeutics for diseases involving mitochondrial dysfunction. Its lead product candidate, elamipretide, is investigated in three primary mitochondrial diseases – primary mitochondrial myopathy (PMM), Barth syndrome and Leber’s hereditary optic neuropathy (LHON), for which it has both Fast Track and Orphan Drug designation.
It is also investigating elamipretide in dry age-related macular degeneration, the leading cause of blindness in the elderly.