Clementia Pharmaceuticals, a clinical stage biotech company dedicated to the development and delivery of treatments for people living with rare diseases, has closed a $22.5 million Series A financing led by OrbiMed Advisors and joined by existing investor BDC Venture Capital. The company also announced that it had previously entered into an exclusive licensing agreement to acquire the global rights to palovarotene, a retinoic acid receptor gamma agonist, from Roche Pharmaceuticals. The company will develop palovarotene for the treatment of Fibrodysplasia Ossificans Progressiva, a disease characterized by spontaneous and recurrent episodes of heterotopic bone formation.
Clementia was originally funded by BDC to provide the financial resources to enable the completion of licensing negotiations, market validation studies and preparation for the Series A round. Proceeds from the Series A investment will be used for general operational purposes and to test Clementia's lead product candidate, palovarotene, in clinical studies.