Promentis Pharmaceuticals, Inc., a Milwaukee, Wisconsin-based biopharmaceutical company focused on the discovery and development of therapies to treat central nervous system disorders, completed a $26m Series C equity funding.
The round was led by OrbiMed, F-Prime Capital Partners (formerly Fidelity Biosciences) and Aisling Capital with participation from existing investors Black Pearl GmbH, the Golden Angel Network and individual investors.
The company, which has raised a total of more than $31M to date, intends to use the funds to advance its lead compound SXC-2023 through Phase 2 clinical proof of concept.
Led by Klaus Veitinger, M.D., Ph.D., CEO, Chairman of the Board and OrbiMed Venture Partner, Tom Beck, M.D., Chief Medical Officer and Board Member and F-Prime Capital Executive Partner, Daniel Lawton, President and Board Member; and Chad Beyer, Ph.D., Senior VP R&D, Promentis is advancing SXC-2023, a novel small molecule designed to engage System Xc-, a CNS target addressing glutamatergic dysfunction and oxidative stress, with a compelling profile across a range of pre-clinical studies.
In addition, the company has obtained an exclusive license from Marquette University and the University of Wisconsin – Milwaukee Research Foundation to certain intellectual property owned by Marquette University and the University of Wisconsin – Milwaukee Research Foundation.
In connection with the Series C financing, Dr. Klaus Veitinger and Dr. Stephen Squinto have joined the Promentis Board as representatives from OrbiMed; Dr. Beck has joined the Board as a representative from F-Prime Capital; and Ms. Stacey Seltzer has joined the Board as a representative from Aisling Capital.