Clementia Pharmaceuticals Raises $10 Million in Extension of Series A Financing to Support Development of Palovarotene for FOP
Company Opens New Subsidiary to Serve U.S. Market
MONTREAL, CANADA, JANUARY 5, 2014 – Clementia Pharmaceuticals, Inc. today announced that it has secured an additional $10 million from current investors to support development of the company's lead compound palovarotene for the treatment of fibrodysplasia ossificans progressive (FOP). Led by OrbiMed Advisors with participation by BDC Venture Capital, the new funds bring the total amount raised in the Series A financing to $32.5 million.
"We appreciate the continued confidence our investors have shown in the potential of palovarotene and the progress of our clinical program," said Clarissa Desjardins, Ph.D., Chief Executive Officer of Clementia. "We remain focused on bringing a potential treatment option to FOP patients living with this devastating and life-threatening disease."
Palovarotene, an investigational retinoic acid receptor gamma agonist, is currently in a Phase 2 clinical trial in patients with FOP. FOP is a rare, severely disabling genetic disease characterized by painful, recurrent episodes of soft tissue swelling (flare-ups) and new abnormal 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.
"We are pleased to expand our investment in Clementia as its Phase 2 program, which now also includes an extension study, continues to progress," said David Bonita, M.D., Private Equity Partner at OrbiMed and Chairman of Clementia. "FOP is a debilitating disease and we look forward to continuing to contribute toward the success of Clementia as it seeks to provide patients with a much needed treatment."
Clementia also announced that it has established a wholly-owned subsidiary in the U.S. Headquartered in Newton, Massachusetts. Clementia Pharmaceuticals USA Inc. will manage the company's operations in the U.S. and be responsible for developing palovarotene for this important market.
"With our keen focus on developing a treatment for FOP patients, our operations in the U.S. will enhance our ongoing work with the patient and physician communities and broaden our exposure on an international level," said Donna Grogan, M.D., President of Clementia Pharmaceuticals USA Inc. and Chief Medical Officer of Clementia Pharmaceuticals, Inc.
About Fibrodysplasia Ossificans Progressiva (FOP)
FOP is a rare, severely disabling congenital myopathy characterized by painful, recurrent episodes of soft tissue swelling (flare-ups) that result in new, abnormal bone formation in muscles, tendons, and ligaments. Flare-ups begin early in life and may occur spontaneously or after soft tissue trauma, vaccinations, or influenza infections. Recurrent flare-ups progressively restrict movement by locking joints, leading to cumulative loss of function and disability. FOP is caused by a point mutation in the ALK2/BMP Type I receptor; the mutation results in over-activity of the receptor. Virtually all known patients have the same point mutation and have congenital malformations of the big toes at birth. FOP is thought to affect less than one individual for every million lives.
Palovarotene is a retinoic acid receptor gamma agonist in-licensed from Roche Pharmaceuticals, where it was previously evaluated in more than 800 individuals including healthy volunteers and patients with chronic obstructive pulmonary disease. Palovarotene has been shown to block bone formation in a variety of mouse models of FOP and is being investigated as a potential treatment for FOP.
About Clementia Pharmaceuticals Inc.
Clementia is a privately held, clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for people living with rare diseases. The company is advancing a novel retinoic acid receptor gamma agonist to address diseases of heterotopic ossification, including fibrodysplasia ossificans progressiva. For more information, please visit www.clementiapharma.com.