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Stealth BioTherapeutics Stock Surges On $30M Funding To Advance Elamipretide Development

·1 min read
  • Stealth BioTherapeutics Corp (NASDAQ: MITO) has reached an agreement with Morningside Ventures for Morningside to provide $30 million in additional payments to the Company during 2021 under its existing Development Funding Agreement.

  • The payments will be paid in three tranches.

  • The additional payment was triggered by new analyses of clinical data from the ReCLAIM Phase 1 trial, which associated baseline mitochondrial viability with improvements in the vision for patients with geographic atrophy.

  • The Company also previously announced a new data analysis from its MMPOWER-3 Phase 3 clinical trial, which identified responders among patients with primary mitochondrial disease due to nuclear DNA mutations (nPMD).

  • The additional funding will be used to initiate a Phase 3 clinical trial evaluating elamipretide in patients with nPMD and continue the work on an intravitreal formulation to inform Phase 3 formulation decisions.

  • Data from the ongoing ReCLAIM-2 trial in geographic atrophy is expected early next year.

  • Price Action: MITO shares are trading 32.8% higher at $1.58 during the premarket session on the last check Tuesday.

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