Prepping for a Duchenne study, Catabasis banks $12.4M in new fundraising

Cambridge, MA-based Catabasis is once again raising cash. According to a Form D filed with the SEC yesterday, the biotech has raised $12.4 million out of a $20.4 million raise.

The new money comes about 17 months after the biotech announced a $32.4 million Series B, which was used to advance CAT-2003, an oral omega-3 treatment designed to lower triglycerides and low-density lipoprotein (LDL) cholesterol. That's a crowded field. But more recently the biotech has been highlighting plans for a Phase II study of a new drug for Duchenne muscular dystrophy.

Late last year the nonprofit Parent Project Muscular Dystrophy stepped in to help cover travel costs for the kids enrolled in the Phase II trial of CAT-1004, which is billed as a molecule that inhibits "NF-ĸB," an inflammatory pathway involved in DMD. That pathway accelerates muscle loss in DMD and in preclinical animal studies the drug showed signs of improving muscle regeneration.

Catabasis CEO Jill Milne is entering a turbulent arena dominated by a handful of biotechs, led by BioMarin (which acquired Prosensa), Sarepta (which just ousted its CEO) and PTC Therapeutics.

Lightstone Ventures took the lead on Catabasis' B round, joined by SV Life Sciences, Clarus Ventures, MedImmune Ventures and Advanced Technology Ventures. The company rounded up a $47.6 million Series A in 2011.

- here's the Form D

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