Promethera® Biosciences, a Louvain, Belgium-based stem cell therapy company, announced the closing of a €5.3m Series A equity financing round.
The investor syndicate was led by Vesalius Biocapital (Belgium) and included SRIW, Life Sciences Research Partners, NivelInvest, Capital & Croissance, LRM Oxygen for Growth, Vives, several angel investors and existing shareholders (Sopartec and the founder, Prof Etienne Sokal, UCL).
According to an official statement, the round will be completed by significant public funding.
Promethera® Biosciences, a spinout from Université catholique de Louvain, will use the funds to complete pre-clinical studies for an innovative stem cell therapy to treat unmet medical needs and to circumvent liver transplantation.
The company develops a new cell therapy product using allogeneic stem cells expanded from healthy human liver tissue. Its Promethera® HepaStem aims to treat a wide variety of liver diseases affecting children and adults. In conjunction, Promethera® Biosciences is developing Promethera® HepaScreen, a cell model for the pharmaceutical industry to mimic metabolism and detoxification of new drugs by the human liver.