Promedior, Inc., a Malvern, PA-based clinical stage biotechnology company developing novel biologic therapeutics for the treatment of fibrosis, has adding $3m in a second closing of its $24.5m Series D financing.
The provider of the funding was new investor Shire Strategic Investment Group, which added to Fibrotec Ventures, Morgenthaler Ventures, HealthCare Ventures, Polaris Venture Partners, Forbion Capital Partners and Easton Capital Investment Group (read here).
Led by Suzanne Bruhn, Ph.D., President and CEO, Promedior intends to use the capital to broaden and advance its pipeline of Pentraxin-2 therapeutics, currently in clinical development. Its lead product candidate, PRM-151 (recombinant human Pentraxin-2 (rhPTX-2)), has recently completed a Phase 1b clinical study in idiopathic pulmonary fibrosis (IPF) patients, and data are under review. The company is also using the funds to expand the clinical development of PRM-151 to include myelofibrosis, a rare disorder of the bone marrow, in which the marrow is replaced by fibrous scar tissue, as well as to accelerate the development of its drug candidate for ophthalmic indications, PRM-167 (rhPTX-2 variant for intravitreal injection), which is designed to be optimized for fibrovascular retinal diseases such as age-related macular degeneration (AMD), diabetic retinopathy and proliferative vitreoretinopathy (PVR).
In conjunction with this second close of the Series D financing, Armand Girard, a Vice President at Shire, will join Promedior ‘s Board of Directors.