Promedior, Inc., a Malvern, PA-based clinical stage biotechnology company developing novel therapies to treat inflammatory and fibrotic diseases, has raised $12m in a Series C financing round.
The round, which brings the total amount the company raised in the past year to $27m, was led by Forbion Capital Partners, with participation from existing investors Morgenthaler Ventures, HealthCare Ventures, Polaris Venture Partners, and Easton Capital.
This latest financing will allow Promedior to accelerate the development of its pipeline and expand the clinical development program for its lead drug candidate, PRM-151, into Phase 2 clinical development in several indications involving inflammation and fibrotic disease.
PRM-151, a recombinant human protein, is a novel therapy that promotes resolution of injury by regulating the monocyte-derived cell populations that play key roles in fibrotic, inflammatory and autoimmune diseases.
PRM-151 has demonstrated a strong safety profile and preclinical efficacy in multiple validated models of inflammatory and fibrotic disease and is being developed to treat the most severe and difficult-to-treat fibrotic and inflammatory conditions of the eye, lung and kidney.
Recently, Promedior successfully completed a Phase 1 clinical study of PRM-151.
In connection with this financing, Geert-Jan Mulder, M.D., of Forbion Capital Partners will join the company’s board of directors, which is comprised of:
– Joseph Zakrzewski, Chairman;
– Dominick C. Colangelo, President and CEO – Promedior, Inc.;
– Paul D. Goldenheim, M.D.. Former President – TransForm Pharmaceuticals;
– Amir Nashat, Ph.D.,General Partner – Polaris Venture Partners;
– James W. Broderick, M.D., General Partner – Morgenthaler Ventures;
– Harold (Hal) R. Werner, General Partner – HealthCare Ventures;
– John H. Friedman, Easton Capital Investment Group.