Biopharma Co ‘Chiasma’ Closes $38.5M

Chiasma, a privately held biopharma company, announced that it closed a $38.5 million equity financing co-led by new investor Abingworth and current investor MPM Capital. The round also included investments from existing shareholders. The proceeds will be used complete the phase 3 trial of Octreolin, the company’s proprietary oral form of the peptide octreotide, which is planned to be completed in the second quarter of 2013. Chiasma, based in Jerusalem, is developing oral drugs that previously were only available by injection, thereby providing patients with pain-free medications that are self-administered.