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Clementia Pharmaceuticals Raises $60 Million

Funds will support development of palovarotene for fibrodysplasia ossificans progressiva

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Clementia Pharmaceuticals has completed a $60 million mezzanine round of financing to support the ongoing development of the company’s lead compound palovarotene for the treatment of fibrodysplasia ossificans progressiva (FOP). New Enterprise Associates (NEA) was the lead investor with participation by UCB, RA Capital Management, Rock Springs Capital Management, EcoR1 Capital, and a fund advised by Janus Capital Management LLC as well as existing investors OrbiMed Advisors and BDC Capital Healthcare Venture Fund.

“This oversubscribed round highlights significant investor confidence in Clementia and our palovarotene program,” said Clarissa Desjardins, chief executive officer, Clementia. “More importantly, it allows us to continue focusing on our top priority of developing palovarotene as a potential treatment option for patients with FOP.”

Palovarotene, an investigational retinoic acid receptor gamma agonist, is currently in Phase 2 clinical trials for patients with FOP. A rare, severely disabling genetic disease, FOP is characterized by painful, recurrent episodes of soft tissue swelling (flare-ups) and abnormal new 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.

Clementia also announced that it has appointed Michael Singer as its chief financial officer. Mr. Singer will be responsible for the financial strategy and operations at Clementia. He has held a number of senior finance and governance roles within the pharmaceutical industry including most recently at Bedrocan Canada and prior to that at Caprion and Thallion Pharmaceuticals.

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