Healthcare Industry News: Bard
News Release - November 15, 2006
Chiasma Raises $44 Million Series C to Fund Clinical Testing, Advance TechnologyDrs. Ansbert Gadicke and Edward Scolnick to Join the Board of Directors
BOSTON--(HSMN NewsFeed)--Chiasma Inc., a privately held company developing novel technologies for the enhanced oral delivery of proteins and small molecules, announced today the completion of a $44 million Series C financing. The proceeds will be used to take three programs into clinical development and to advance the company's core technology.
The financing was led by MPM Capital, with participation by ARCH Venture Partners and existing investors Ofer Hi-tech Group and F-2 Ventures. As part of the financing, Drs. Ansbert Gadicke and Edward Scolnick of MPM Capital will join the company's board of directors and Robert Nelsen of ARCH Venture Partners will join the Board of Directors as an observer.
Dr. Edward Scolnick, Executive Advisor to MPM Capital, and former President of Merck Research Laboratories commented, "Chiasma's technology has the potential to revolutionize the oral delivery of protein- and peptide-based drugs. Poor absorption of these drugs currently require their injection by subcutaneous or IV means. Although early, Chiasma's technology for oral delivery could eventually have a very significant impact on the utilization and effectiveness of protein and peptide drugs."
Guy Yachin, President and CEO of Chiasma Inc., commented, "We are thrilled to have a syndicate of world class investors. MPM and ARCH bring not only financial resources, but also significant industry and entrepreneurial experience."
In addition to Drs. Gadicke and Scolnick, the Chiasma Board of Directors includes Guy Yachin, Chief Executive Officer; Raul Cesan, former Chief Operating Officer of Schering Plough; Dr. Dalia Megiddo of InnoMed Ventures; Dr. Bard Geesaman of F2 Ventures and MPM Capital; and Yoav Doppelt of Ofer Hi-tech Group.
About Chiasma Inc.
Chiasma Inc. is developing novel technologies for the enhanced oral delivery of proteins and small molecules. Chiasma was founded by Dr. Shmuel Ben Sasson, together with Guy Yachin and Dr. Dalia Megiddo of InnoMed Ventures. The company will be based in Boston, MA with a research subsidiary in Jerusalem, Israel.
About MPM Capital
MPM Capital L.P. is a global investment management firm focused solely on life sciences investing. One of the largest investment management firms dedicated to the life sciences sector, MPM Capital has offices in Boston and San Francisco. MPM's portfolio ranges from start-ups to large capitalization public companies, with a primary focus on biopharmaceutical and medical device companies nearing commercialization of products or those companies that already offer product-driven opportunities. The firm manages over $2.4 billion in assets through the MPM BioVentures Family of venture capital funds and the MPM BioEquities public market funds. More information on MPM can be found at www.MPMCapital.com.
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