Proteon Therapeutics Inc., a Waltham, Mass.-based biopharmaceutical company developing pharmaceuticals to address the critical medical needs of patients with kidney and vascular diseases, raised $45m in Series D equity financing.
This included a $25m tranche to fund the first Phase 3 clinical study of PRT-201.
The round was led by Abingworth LLP, with participation from Deerfield Management Company and Pharmstandard International S.A., a holding company fully committed by OJSC Pharmstandard (LSE: PHST) and existing investors TVM Capital, Prism VentureWorks, Skyline Ventures, Intersouth Partners, MPM Capital, Devon Park Bioventures, Bessemer Venture Partners, and the Vectis Healthcare and Life Sciences Fund. In conjunction with the funding, Tim Haines, Partner at Abingworth, and Dmitry Kobyzev, Investment Manager at Inbio Ventures, a management company which represented Pharmstandard in facilitating this investment round, joined Proteon Therapeutics’ Board of Directors.
Led by Timothy P. Noyes, President and Chief Executive Officer, Proteon is advancing PRT-201, a recombinant human elastase in development to prolong the patency and reduce the failure of hemodialysis vascular access in patients with chronic kidney disease (CKD). The Phase 3 study will evaluate PRT-201 in patients undergoing surgical placement of an arteriovenous fistula (AVF), the optimal form of vascular access for hemodialysis patients.