Promedior, Inc., a Malvern, PA-based clinical stage biotechnology company developing novel biologic therapeutics for the treatment of fibroproliferative diseases, has raised $21.5m in a first closing of a Series D financing.
The round was led by a new investor, Fibrotec Ventures, LLC, with participation from all of existing investors, including Morgenthaler Ventures, HealthCare Ventures, Polaris Venture Partners, Forbion Capital Partners and Easton Capital Investment Group.
This new financing brings the total capital raised by the company to $62 million.
Promedior intends to use funding to broaden and advance its pipeline of Pentraxin-2 therapeutics. It is expanding the clinical development of its lead drug candidate for rare systemic fibrotic diseases, PRM-151 (recombinant human Pentraxin-2 (rhPTX-2)), to include myelofibrosis, commencing with a Phase 2 clinical study expected to begin near the end of 2012. The financing also enables the company to accelerate the development of its lead drug candidate for ophthalmic indications, PRM-167 (rhPTX-2 variant for intravitreal injection), which is being developed for fibrovascular retinal diseases such as age-related macular degeneration (AMD), diabetic retinopathy and proliferative vitreoretinopathy (PVR).
In conjunction with this financing, Hanns A. Pielenz, President of Fibrotec Ventures, LLC, will join Promedior’s Board of Directors, which is comprised of:
– James W. Broderick, M.D., Chairman, and General Partner – Morgenthaler Ventures;
– Dominick C. Colangelo, President and CEO – Promedior, Inc.;
– John H. Friedman, Managing Partner – Easton Capital Investment Group;
– Paul D. Goldenheim, M.D., Former President – TransForm Pharmaceuticals, Inc.;
– Geert-Jan Mulder, M.D., General Partner – Forbion Capital Partners;
– Amir Nashat, Ph.D., General Partner – Polaris Venture Partners; and
– Harold (Hal) R. Werner, General Partner – HealthCare Ventures.