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

Stealth BioTherapeutics Inc. (Newton, Mass.) raised $100 million Monday through two convertible note rounds led by Nan Fung Technology's Pivotal Beta. Also participating were funds associated with Atlantis Investment Management, BVCF Management, CMBC Capital Holdings, Kingdon Capital, Ocean Equity Partners and Sagamore Investments, and existing investor Morningside Venture.

The company 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. ...