Chord Therapeutics launches with USD 16 million Series A financing

Chord Therapeutics, a clinical stage biopharmaceutical company developing drugs for rare diseases, today announces the closing of a USD16 million Series A financing exclusively from leading healthcare investor Omega Funds. In conjunction with the financing, Omega Funds' Managing Director Claudio Nessi and Principal Francesco Draetta will join the Board.

Chord Therapeutics is advancing its lead drug candidate, CRD1, a small molecule oral drug for the treatment of neuromyelitis optica spectrum disorders (NMOSD). The financing will allow the company to progress CRD1 through Phase 2 proof of concept clinical development. The potential of CRD1 to address unmet medical needs in rare autoimmune disorders was identified by Chord Therapeutics' founder, Dr. Arthur Roach. The Chord team is led by Tom Plitz, previously Chief Scientific Officer of the rare disease company Wilson Therapeutics.

NMOSD is a rare autoimmune disease of the central nervous system that mainly affects the optic nerves and spinal cord. It is a chronic, life-threatening, orphan disease estimated to impact 30,000 people in the US and Europe. In patients with NMOSD, the body's immune system mistakenly attacks healthy cells and tissues in the body causing blindness, loss of control and sensation in limbs and other parts of the body, up to and including cessation of breathing.

Tom Plitz, CEO of Chord Therapeutics commented: "We are very pleased to have the support of a world class investor with an impressive track record like Omega Funds enabling us to progress our development programs into the clinic. NMOSD is a rare and devastating disease and we are dedicated to bringing a new oral treatment to patients suffering from this condition."

Claudio Nessi, Chairman of Chord Therapeutics and Managing Director at Omega Funds, said: "We have a strong track record of identifying and backing exceptional founders and innovative science. Having previously worked with Tom Plitz as investors of Wilson Therapeutics, we are very pleased to invest in Chord Therapeutics and work alongside this high quality, experienced management team and support its strategy to accelerate the development of products to treat rare diseases."

The active substance in CRD1, cladribine, is approved in US & EU for oncology indications and multiple sclerosis. The safety and tolerability, as well as efficacy profile of cladribine, have been demonstrated in several thousand patients.