Promethera Biosciences SA, a Mont Saint Guibert, Belgium- and Durham, NC, USA-based innovator in cell-based medicines and liver diseases, raised €9.3mi (approx. $11.5m) through the issuance of convertible bonds.
Backers included major existing shareholders and new Japanese investors Shibuya Corporation and Shinsei Corporate Investment.
The company will use the funds to accelerate the progression of its clinical pipeline and to continue expanding its research and development activities in addressing liver disease indications such as acute-on-chronic liver failure (ACLF), nonalcoholic steatohepatits (NASH) and fibrosis.
Led by John Tchelingerian, PhD, President & CEO, Promethera is advancing a clinical program, derived from patented cell technology platform HepaStem, designed to benefit from its immune-modulatory and anti-fibrotic properties.
In addition to the cell-based pipeline, it develops antibody technologies to complement and diversify our therapeutic options.
The company also announced today that it has acquired Baliopharm AG, a Swiss therapeutic antibody developer. The transaction complements Promethera’s pipeline with an innovative antibody drug candidate that specifically binds to the tumor-necrosis factor receptor 1 (TNF-R1). Combining this novel therapeutic strategy with its liver cell-based therapies could provide improved treatment option for patients suffering from Nonalcoholic steatohepatitis (NASH) and potentially other severe liver diseases.