Israeli biomed company Chiasma has raised $33.8 million out of a planned total $56.3 million round of fundraising. It plans to use the infusion of new capital to continue the development of its oral octreotide.
MPM Capital, Abingworth, 7-Med Health Ventures LP, ARCH Venture Partners and F2 and F3 Ventures were among the investors.
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Oral octreotide is in clinical development for patients with acromegaly, a hormonal disorder that results from an excess of growth hormone. Today octreotide is typically administered by large bore intra-muscular needle injections. Ouch! No wonder its worth so much money to develop an oral way to deliver the medication.
As Chiasma explains, oral octreotide exhibits the effects of somatostatin, a naturally occurring hormone that reduces the production of growth hormone (GH) by binding to receptors on specialized cells in the pituitary gland. Until now, no oral formulation of octreotide acetate existed. Chiasma’s oral octreotide uses our proprietary TPE (Transient Permeability Enhancer) technology that facilitates gastrointestinal absorption of unmodified drug into the bloodstream.
Oral octreotide successfully completed a full set of pharmacokinetic and pharmacology studies in healthy volunteers and in special populations as well as a Pivotal Phase 3 study in people with acromegaly.
Chiasma (New York and Israel) is a biopharmaceutical company developing oral drugs that were previously only available by injection, providing patients with pain-free medications that are self-administered.
