Company Opens New Subsidiary to Serve U.S. Market
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.
Clementia Pharmaceuticals, Inc.