Stealth to start Phase IIb of AMD candidate with $100M financing

Stealth BioTherapeutics Inc. (Newton, Mass.) raised $100 million June 18 through two convertible note rounds led by Nan Fung Technology's Pivotal Beta and Morningside Ventures, respectively. Also participating were funds associated with Atlantis Investment Management, BVCF Management, CMBC Capital Holdings, Kingdon Capital, Ocean Equity Partners and Sagamore Investments. All firms besides Morningside are new investors.

The company is developing first-generation targeted therapies to treat mitochondrial dysfunction associated with rare genetic diseases and aging. Stealth said it will begin a Phase IIb trial of its elamipretide to treat intermediate dry age-related macular degeneration (AMD). Data are due later this year...