Independent mitochondrial DNA specialist Stealth BioTherapeutics has raised $100 million from Nan Fung Technology’s Pivotal Beta and other new and existing investors.
Chief executive Reenie McCarthy said: “We particularly welcome our new investors’ deep experience within the China healthcare market, which we view as an important frontier both for rare mitochondrial diseases under China’s recent rare disease initiative, as well as for diseases of aging.”
The money will finance a Phase IIb trial of Stealth’s lead compound, elamipretide, in intermediate dry age-related macular degeneration (AMD), for which positive interim results were recently reported and full results are expected later in 2018.
Elamipretide is currently in a Phase III clinical trial in mitochondrial myopathy and a Phase II/III trial in Barth syndrome. The firm says it will also ramp up regulatory and commercial preparation for the candidate in these indications.
The candidate has US Fast Track and Orphan Drug designations for these mitochondrial diseases, as well as for Leber’s hereditary optic neuropathy (LHON).