Stealth BioTherapeutics Corp (Nasdaq:MITO), a clinical-stage biotechnology company focused on the discovery, development and commercialization of novel therapies for diseases involving mitochondrial dysfunction, today announced that it has completed a $20 million private placement with Morningside Venture (I) Investments Limited. As part of the financing, Morningside purchased 152,858,460 ordinary shares at a price of US $0.13084 per ordinary share. The last reported closing price of the Company's American Depositary Shares (ADS) on Nasdaq was $1.57; each ADS represents 12 ordinary shares.

The Company expects to use proceeds from this capital raise to advance the Company's ongoing development of its lead candidate, elamipretide, its next-generation clinical stage compound, SBT-272, and its pipeline of mitochondrial therapeutics.

The securities to be sold in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state or other applicable jurisdiction's securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions' securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer, solicitation or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Stealth

We are a clinical-stage biotechnology company focused on the discovery, development and commercialization of novel therapies for diseases involving mitochondrial dysfunction.