Jul 23 2012
Chiasma (pronounced key-azma), Inc., a privately held biopharma company, announced that it closed a $38.5 million equity financing co-led by new investor Abingworth and current investor MPM Capital that also included investments from existing shareholders 7 Med Health Ventures, ARCH Venture Partners, F3 Ventures and Fredric Price, Chiasma's Chairman & CEO.
The new investment (the "D" round) is expected to provide funding for the completion of the Phase 3 pivotal program in acromegaly patients for Octreolin (pronounced Ock-tree-o-lin), the Company's proprietary investigational oral form of the peptide octreotide, which is planned to be completed in the second quarter of 2013. It is also intended to finance a clinical study for the Company's second product, a small molecule to be investigated as a possible treatment for a complication of chronic kidney disease (CKD).
Vincent Miles, PhD, Venture Partner at Abingworth and a newly-appointed member of the Board of Directors of Chiasma said, "During the last year, Chiasma has made considerable progress as evidenced by the initiation of the Phase 3 clinical trial of Octreolin for acromegaly, the preparation for a second indication --- neuroendocrine tumors --- for Octreolin and the completion of the necessary preclinical studies for its next drug candidate, which is expected to enter the clinic in the current quarter for a complication of CKD."
Roni Mamluk, PhD, Chiasma's Chief Operating Officer added, "If the results of the Octreolin Phase 3 program for acromegaly are positive, the Company intends to submit a New Drug Application (NDA) using the 505(b)(2) NDA regulatory pathway in the U.S. and its European Medicines Agency (EMA) equivalent, the Hybrid Application, in Europe in 2013."