Canada-based pharmaceutical company Clementia Pharmaceuticals closed a $60m mezzanine financing round yesterday backed by investors including biopharmaceutical company UCB Pharma.
New Enterprise Associates (NEA) led the round, which also included RA Capital Management, Rock Springs Capital Management, EcoR1 Capital, OrbiMed Advisors, BDC Capital Healthcare Venture Fund and a fund advised by Janus Capital Management.
The capital will support work on Palovarotene, the compound Clementia is developing to treat of fibrodysplasia ossificans progressive (FOP), a genetic disease that causes abnormal bone formation for which there is currently no approved treatment. Palovarotene is in Phase 2 clinical trials at present.
Clementia previously closed a $32.5m series A round in January this year backed by OrbiMed and BDC Venture Capital.
Clarissa Desjardins, CEO of Clementia, said: “This oversubscribed round highlights significant investor confidence in Clementia and our Palovarotene programme.
“More importantly, it allows us to continue focusing on our top priority of developing Palovarotene as a potential treatment option for patients with FOP.”