Navigation Links
Proteon Therapeutics Completes Second Closing of Equity Financing; Raises Total Series B to $50 million
Date:5/28/2009

Proteon also receives orphan drug designation for its lead product candidate, PRT-201

WALTHAM, Mass., May 28 /PRNewswire/ -- Proteon Therapeutics, Inc., announced today that it has completed a second closing of its Series B equity financing, securing an additional $12 million and increasing the total equity capital raised in this round to $50 million. The additional equity investment came primarily from two new investors, Bessemer Venture Partners and Devon Park Bioventures, as well as from previous investors. Proteon also disclosed its lead product candidate, PRT-201, received orphan drug designation from FDA for prevention of arteriovenous fistula (AVF) maturation failure and arteriovenous graft (AVG) failure in patients with end-stage renal disease who are on or preparing for hemodialysis. Orphan drug designation allows for certain tax credits and an extended period of data exclusivity. These new developments follow Proteon's recent announcement of an agreement with Novartis whereby Novartis has been granted an exclusive option to acquire Proteon following the successful completion of a Phase 2 clinical study of PRT-201, with a potential secondary right to a global license under pre-agreed conditions.

"We are very pleased and fortunate to add the outstanding firms of Bessemer and Devon Park to our existing syndicate of blue chip investors," said Timothy P. Noyes, President and CEO of Proteon.

The initial closing of the Series B financing in March included new investors MPM Bio IV NVS Strategic Fund L.P. and Vectis Healthcare & Life Sciences Fund, along with existing investors TVM Capital, Skyline Ventures, Prism VentureWorks, Intersouth Partners and several of Proteon's original angel investors. Earlier this year, Proteon initiated a Phase 1/2 human clinical study of PRT201 in patients undergoing surgery for AVF creation. The combination of the Novartis option agreement and the now increased size of the Series B financing will allow Proteon to develop PRT-201 beyond completion of an AVF Phase 2 clinical study.

About PRT-201

PRT-201 is a recombinant human elastase that is being studied for its ability to improve arteriovenous fistula (AVF) surgery outcomes in patients requiring chronic hemodialysis. PRT-201 has been shown to cause dilation of segments of arteries and veins following topical intraoperative application in animals. Vessel dilation and increased blood flow through the fistula may decrease AVF maturation failure rates. Improved maturation rates may lead to fewer corrective surgical procedures, hospitalizations, lower costs and less suffering for dialysis patients. PRT-201 also will be studied for its ability to prolong the patency of arteriovenous grafts (AVGs). The development program to investigate PRT-201 for improving vascular access has been designated a fast track program by the FDA.

About Proteon Therapeutics

Proteon Therapeutics, Inc., is a privately held biopharmaceutical company developing novel, first-in-class pharmaceuticals to address the critical medical needs of patients with kidney and vascular diseases. The company is headquartered in Waltham, Mass., and has research facilities in Kansas City, Mo. For additional information, please visit www.proteontherapeutics.com.


'/>"/>
SOURCE Proteon Therapeutics, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Proteon Therapeutics Completes $38M Equity Financing; Initiates Phase 1/2 Clinical Study of PRT-201 in Hemodialysis Patients and Signs Option Agreement With Major Pharmaceutical Company
2. Proteon Therapeutics to Present New Data on PRT-201 at Transcatheter Cardiovascular Therapeutics (TCT) Annual Symposium in Washington, D.C., October 13, 2008
3. National Stem Cell Holding, Inc. Announces the Change of Its Name to Proteonomix, Inc.
4. Proteon Therapeutics Receives European Patent Covering New Method of Dilating Arteries and Veins
5. Proteon Therapeutics Appoints Experienced Biopharmaceutical Executive, Gregory D. Phelps to its Board of Directors
6. Proteon Therapeutics to Present at Annual Meeting of American Society of Nephrology in San Francisco on November 2, 2007
7. Proteon Therapeutics Completes $12 Million Financing and Hires CFO
8. Intarcia Therapeutics, Inc. Announces Acceptance of ITCA 650 Phase 1b Study for Late-Breaker Presentation at the American Diabetes Association 69th Scientific Sessions
9. Prospect Therapeutics, Inc.s GCS-100 Inhibited Blood Vessel Formation in a Variety of Cancer Models
10. Cell Therapeutics Amends Modified Dutch Auction Tender Offer for up to $89.2 million of Its Outstanding Convertible Notes
11. Nile Therapeutics CD-NP Clinical Program for Acute Heart Failure Released From Clinical Hold by FDA
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/11/2017)... ... October 11, 2017 , ... Proscia Inc ., a ... Webinar titled, “Pathology is going digital. Is your lab ready?” with Dr. Nicolas ... practices and how Proscia improves lab economics and realizes an increase in diagnostic ...
(Date:10/11/2017)... ... October 11, 2017 , ... A new study ... in frozen and fresh in vitro fertilization (IVF) transfer cycles. The ... IVF success. , After comparing the results from the fresh and frozen transfer ...
(Date:10/10/2017)... ... 2017 , ... For the second time in three years, ... Award. Representatives of the FirstHand program travelled to Washington, D.C. Tuesday, October 10th, ... mission is to change the trajectory of STEM education in America by dramatically ...
(Date:10/10/2017)... ... October 10, 2017 , ... ... business process optimization firm for the life sciences and healthcare industries, announces a ... in San Francisco. , The presentation, “Automating GxP Validation for Agile Cloud Platforms,” ...
Breaking Biology Technology:
(Date:4/5/2017)... 4, 2017 KEY FINDINGS The ... at a CAGR of 25.76% during the forecast period ... primary factor for the growth of the stem cell ... MARKET INSIGHTS The global stem cell market ... and geography. The stem cell market of the product ...
(Date:3/30/2017)... YORK , March 30, 2017 Trends, ... type (physiological and behavioral), by technology (fingerprint, AFIS, iris ... voice recognition, and others), by end use industry (government ... and immigration, financial and banking, and others), and by ... Europe , Asia Pacific , ...
(Date:3/24/2017)... -- Research and Markets has announced the addition of ... - Industry Forecast to 2025" report to their offering. ... The Global Biometric Vehicle ... around 15.1% over the next decade to reach approximately $1,580 million ... estimates and forecasts for all the given segments on global as ...
Breaking Biology News(10 mins):