pcJ News Briefs – Fonds de solidarité FTQ has announced its US $10 million investment in Clementia Pharmaceuticals Inc. (NASDAQ: CMTA), a Series C mezzanine financing prior to Clementia’s filing of initial public offering (IPO). (all $ figures in US dollars)
Clement Pharmaceuticals Inc. has raised $120 million through the issuance of 8 million shares at $15.00 per share.
Fonds de solidarité’s $10 million stake is now worth $12.64 million at the IPO offering price.
Fonds de solidarité, along with OrbiMed Advisors, LLC, New Enterprise Associates (NEA), RA Capital Healthcare Fund, also participated in the IPO, together acquiring approximately 600,000 IPO shares.
photo credit: Clementia
News Release
Fonds de solidarité FTQ, Proud to Support Growth of Clementia Pharmaceuticals
Highlights
The Fonds de solidarité FTQ recently invested US$ 10 million in Montreal-based Clementia Pharmaceuticals (clementiapharma.com).
The Fonds is also participating in Clementia’s initial public offering (IPO).
Clementia Pharmaceuticals is developing a drug to treat fibrodysplasia ossificans progressiva, an ultra-rare and severely debilitating disorder.
The success of Clementia and other life sciences firms, such as Repare Therapeutics and Zymeworks, is indicative of Québec’s and Canada’s biotech ecosystem regaining its past glory.
By way of its consistent investment in this sector, the Fonds de solidarité FTQ is playing an instrumental role in this renewal.
Montréal, August 2, 2017 – In the wake of Clementia Pharmaceuticals’ initial public offering (IPO), the Fonds de solidarité FTQ confirms it has invested US$ 10 million in the company in March 2017. The Fonds is also participating in the company’s IPO. Clementia Pharmaceuticals is developing a drug to treat fibrodysplasia ossificans progressiva, an ultra-rare and severely debilitating disorder.
Quotes
“By supporting Clementia Pharmaceuticals, the Fonds is once again demonstrating its commitment to the life sciences sector. However, it also reflects the potential of the biotech industry in Québec. A long-time investor in this sector, the Fonds targeted the life sciences sector as one of its priority areas of investment following its strategic planning exercise.”
Gaétan Morin, President and Chief Executive Officer, Fonds de solidarité FTQ
“Due to a plethora of seasoned drug development experts and research and services infrastructure, Québec is poised to be a global leader in the development of novel therapies. Clementia Pharmaceuticals is a recent example of this potential. We would like to thank the Clementia management team, including Clarissa Desjardins, President and CEO and Michael Singer, CFO as well as the company’s investors, Orbimed, NEA and particularly BDC Capital who played a major role in the company’s creation.”
Alain Denis, Senior Vice-President for Innovation, Fonds de solidarité FTQ
“Besides Clementia’s IPO, the $US 68 million in financing recently closed by Repare Therapeutics and Zymeworks’ successful IPO is indicative of Quebec’s and Canada’s biotech ecosystem regaining its past glory. Through investments in specialized funds such as Versant Ventures VI and direct investments the Fonds is positioning itself as a key player in this renewal.”
Didier Leconte, Senior Investment Director for Life Sciences, Fonds de solidarité FTQ
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a development capital investment fund that channels the savings of Quebecers into investments. As at May 31, 2017, the organization had $13.1 billion in net assets, and through its current portfolio of investments has helped create and protect 186,440 jobs. The Fonds is a partner in more than 2,700 companies and has 645,664 shareholder-savers. Please visit fondsftq.com for more information.
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Information for media representatives only:
Patrick McQuilken
Senior Advisor, Media Relations and Communications
Fonds de solidarité FTQ
Phone: 514 850-4835
Email: pmcquilken@fondsftq.com