Stealth BioTherapeutics obtains financing for development of clinical program

| By | Biotechnologies, Clinical Trials, Drug Development, Investments
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Stealth BioTherapeutics (USA), a clinical-stage biopharmaceutical company developing a first-in-class platform of novel therapeutic compounds for the treatment of mitochondrial dysfunction, announced the closing of an aggregate $100 million of financing.

The proceeds from the financings will be used to initiate a phase 2b clinical trial of Stealth’s lead compound, elamipretide, in intermediate dry age-related macular degeneration, for which positive interim results were recently reported and full results are expected later in 2018.

Proceeds will also be used 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, for further development of the company’s phase 2/3 clinical program in Leber’s hereditary optic neuropathy (LHON), and to advance IND-enabling studies for new pipeline compounds.

Stealth BioTherapeutics, based in Newton, Massachusetts, USA, is a privately held clinical-stage biotechnology company focused on the development of therapeutics for diseases involving mitochondrial dysfunction.