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

Stealth BioTherapeutics Corp 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.