Today, Clinical-stage biotech company Thiogenesis Therapeutics (TTI.v TTIPF) announced the dosing the first two patients in its Phase 2 clinical trial of TTI-0102 for MELAS, a rare and debilitating mitochondrial disease.
The randomized, double-blind, placebo-controlled, multi-country and multi-center trial is active in Europe and marks a major milestone for the company, bringing a potential treatment to "one of the most prevalent and debilitating of the inherited mitochondrial diseases for which there are no approved drugs in the EU or the U.S."
Notably, entry into Phase 2 itself significantly raises company valuations as comparable biotech firms average US$249M in valuation (~15x TTI's current valuation).
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