Chord Raises $16 Million to Advanced Therapy for NMOSD
October 15, 2020
Rare Daily Staff
Chord Therapeutics said it completed a $16 million series A financing to advance its lead therapy for the rare disease neuromyelitis optica spectrum disorder.
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 United States 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.
Omega Funds was the exclusive funder in the round. 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 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, Arthur Roach. Tom Plitz, previously chief scientific officer of the rare disease company Wilson Therapeutics, will lead the Chord team.
“The funding will enable Chord to execute its plan to obtain rigorous scientific evidence on the efficacy of CRD1 to treat severe conditions like NMOSD, with the goal of bringing patients an important new treatment option,” said Arthur Roach, founder and director of Chord Therapeutics.
The active substance in CRD1, cladribine, is approved in U.S. & E.U. for oncology indications and multiple sclerosis. The safety and tolerability, as well as efficacy profile of cladribine, have been demonstrated in several thousand patients.
Photo: Arthur Roach, founder and director of Chord Therapeutics
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