ProNAi Therapeutics, Inc., a Plymouth, Michigan-based developer of novel nucleic acid therapeutics, closed a $59.5m Series D financing.
The round was led by Vivo Capital, with participation from new investors Frazier Healthcare Ventures, OrbiMed Advisors, Adams Street Partners, RA Capital Management, Caxton Alternative Management, Hopen Life Science Ventures, Sectoral Asset Management, and Janus Capital Management LLC, and existing investors Capital Midwest Fund, Apjohn Ventures Fund, Amherst Fund, and Grand Angels. As part of the financing, Albert Cha, MD, PhD (Vivo Capital), Peter Thompson, MD (OrbiMed Advisors), and James Topper, MD, PhD (Frazier Healthcare Ventures) joined ProNAi’s board of directors.
The company intends to use the funds to advance PNT2258 in several Phase II clinical studies in patients with relapsed or treatment refractory non-Hodgkin’s lymphoma including those with diffuse large B-cell lymphoma (DLBCL), Richter’s transformation, and follicular lymphoma (FL), to support drug manufacturing, advance development of preclinical drug candidates, and build its organization in Michigan.
Founded in 2004 and led by Mina Sooch MBA, President and Chief Executive Officer, ProNAi has created a proprietary and differentiated DNA interference (DNAi®) technology which utilizes DNA sequences designed against genomic DNA to modulate gene transcription. Its lead drug candidate, PNT2258, targets the BCL2 gene. Beyond it, the company has a broad pipeline of DNAi leads for over 40 cancer and non-cancer targets, including CMYC, KRAS, PD-1, Hep B, and other inflammation and rare disease targets.