Stealth BioTherapeutics Corp (NASDAQ:MITO) is one of the biggest gainers in the pre-market session on Tuesday after the news.
As of 7.45, MITO stock is trading at $1.53 up .34, gaining 28.50%. So far more than 2.90 million shares have traded hands.
MITO Got Development Funding
Late Monday, the company announced a news. Here are the key highlights:
Stealth BioTherapeutics Announces Additional Development Financing to Advance Elamipretide Clinical Trials
- MITO announced that it has reached agreement with Morningside Ventures for Morningside to provide $30 million of additional payments to the Company during 2021 under its existing Development Funding Agreement. The payments will be paid to the Company in three tranches.
- The additional payments were triggered by new positive analyses of clinical data from the ReCLAIM Phase 1 trial, announced on May 5, 2021, which associated baseline mitochondrial viability with improvements in 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), and plans to initiate a Phase 3 clinical trial in patients with nPMD based on these results.
“We are encouraged that Morningside shares our enthusiasm about these recent findings from our geographic atrophy and nPMD programs, which we believe will allow us to enrich our future studies in these indications,” said Reenie McCarthy, CEO of Stealth.
|SHARES OUTSTANDING||55.43 M|
|SHARE FLOAT (%)||–|
|% HELD BY INSTITUTIONS||2.33|
Recent Stock Performance
|+/- EMA(20)||1.28 (-7.03%)|
|+/- SMA(50)||1.43 (-16.78%)|
|+/- SMA(200)||1.53 (-22.22%)|
|CCI20||-48.3475||Neutral||Chaikin Money Flow||-0.6877||Sell|
|MACD||-0.0607||Sell||Money Flow Index||93.9634||OverBought|
|STOCH (14,3)||6.6667||OverSold||STOCH RSI||0.0958||OverSold|