Chord Therapeutics, a Geneva, Switzerland-based clinical stage biopharmaceutical company developing drugs for rare diseases, closed a USD16m Series A financing.
Healthcare investor Omega Funds provided the funds. In conjunction with the financing, Omega Funds’ Managing Director Claudio Nessi and Principal Francesco Draetta will join the Board.
Led by Tom Plitz, CEO, previously Chief Scientific Officer of the rare disease company Wilson Therapeutics, Chord Therapeutics is a private biotechnology company focused on developing treatments for rare diseases. The company aims to develop the first oral disease-modifying therapies for neuromyelitis optica spectrum disorders (NMOSD*) and myasthenia gravis. Its lead compound, CRD1 (cladribine), has been granted orphan designation by the US Food and Drug Administration. for additional information.
The financing will allow the company to progress CRD1 through Phase 2 proof of concept clinical development. The potential of CRD1 to address unmet medical needs in rare autoimmune disorders was identified by Chord Therapeutics’ founder, Dr. Arthur Roach.
*NMOSD is a rare autoimmune disease of the central nervous system that mainly affects the optic nerves and spinal cord. It is a chronic, life-threatening, orphan disease estimated to impact 30,000 people in the US and Europe. In patients with NMOSD, the body’s immune system mistakenly attacks healthy cells and tissues in the body causing blindness, loss of control and sensation in limbs and other parts of the body, up to and including cessation of breathing.