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:8/21/2017)... USA (PRWEB) , ... August 20, 2017 , ... ... the Journal of Biomedical Optics (JBO) starting 1 January 2018. The journal is ... of Biomedical Optics publishes papers on the use of modern optical technology for ...
(Date:8/21/2017)... ... August 21, 2017 , ... MacArthur Sotheby’s ... Hawaii, is pleased to announce the first Delos Wellness Signature™ residence in Hawaii ... Realty is working together with listing agent Kelly Allen, R(S) of Carvill Sotheby’s ...
(Date:8/21/2017)... ... August 21, 2017 , ... Finalists have recently been ... centers that have implemented innovative products, services, and technology over the past year. ... financial impact/value, and market need. The applicants with the top three scores in ...
(Date:8/21/2017)... ... August 21, 2017 , ... Baltimore biotech firm, PathSensors, Inc., ... bring its proprietary CANARY pathogen detection technology and high throughput testing solutions to ... purchased an undisclosed number of PathSensors’ Zephyr pathogen detection instruments and will act ...
Breaking Biology Technology:
(Date:8/15/2017)... Aug. 15 2017   ivWatch LLC , a medical device ... therapy, today announced receipt of its ISO 13485 Certification, the global ... International Organization for Standardization (ISO®). ... ivWatch Model 400 Continuous Monitoring device for the early detection of ... "This is an important milestone ...
(Date:7/20/2017)... Delta (NYSE: DAL ) customers now can use fingerprints instead ... National Airport (DCA). ... Delta launches biometrics to board aircraft at Reagan Washington National Airport ... Delta,s biometric boarding pass experience that launched in ... the boarding process to allow eligible Delta SkyMiles Members who are enrolled ...
(Date:6/30/2017)... 2017 Today, American Trucking Associations announced ... face and eye tracking software, became the newest ... "Artificial intelligence and advanced sensing ... a driver,s attentiveness levels while on the road.  ... detect fatigue and prevent potential accidents, which could ...
Breaking Biology News(10 mins):