Israeli-American privately held biomed company Chiasma announced the closing of a $70 million Series E financing round. The company will use the new capital to build its sales and marketing capabilities and prepare for the U.S. commercial launch of its lead product, octreotide capsules for adults with acromegaly, a rare endocrine disease.
Participants in the financing included new investors Rock Springs Capital and Sofinnova Ventures, and an undisclosed blue chip public investment fund, as well as existing investors MPM Capital, F2 Capital, 7 Med Health Ventures, Abingworth and ARCH Venture Partners.
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Chiasma intends to submit a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for octreotide capsules in the second quarter of 2015 and, if the NDA is approved, to launch the product in the U.S. soon thereafter. If approved, octreotide capsules would be the first and only oral somatostatin analog, providing another option to patients currently receiving painful injections.
Chiasma will also conduct additional clinical studies for octreotide capsules to support approval in the European Union and advance new product candidates based on its proprietary Transient Permeability Enhancer (TPE®) technology into preclinical development.
“The commitment from both new and existing investors provide us with the resources to advance our regulatory efforts, prepare for a successful launch of octreotide capsules, test oral octreotide capsules for additional indications and further invest in earlier-stage TPE programs that can fuel our growth over the long term, ” stated Roni Mamluk, Ph.D., chief executive officer of Chiasma. “With this financing in place, we are well positioned to advance a portfolio of oral drugs that address unmet needs in orphan indications.”
