PRISM Pharma Co., Ltd., a Japanese drug discovery company focused on developing small molecule technologies that modulate protein-protein interactions, closed an approximately $15m (approximately ¥1.4bn) Series C financing.
This rounnd was led by Innovation Network Corporation of Japan, with participation from existing investor Development Bank of Japan.
The company intends to use the capital to fund clinical trials of its lead compound, PRI-724, for the treatment of fibrosis and other related conditions.
Led by Hiroyuki Kouji, CEO, PRISM Pharma has developed a platform technology to modulate inter-cellular protein-protein interactions using peptide mimetic small molecules and found various hit compounds including PRI-724, which (in animal models) has reversed the formation of excessive fibrous connective tissue, demonstrating its potential to treat fibrosis in several indications including Hepatitis C and IPF.
The company plans to start a fibrosis clinical trial in the fall and expects to obtain efficacy data from this and additional clinical trials by early 2015.