Dr. Steven St. Peter Named to Proteon Board of Directors
KANSAS CITY, Mo., March 5 /PRNewswire/ -- MPM Capital, one of the world's largest life sciences-dedicated venture capital investors, announced today that it is the lead investor in a $38 million Series B equity financing of Proteon Therapeutics. In addition, Dr. Steven St. Peter, Managing Director of MPM Capital, has been named to the Proteon Therapeutics Board of Directors.
Proteon recently initiated a Phase 1/2 clinical trial of its lead product, 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.
"MPM continues to be very impressed with Proteon and the progress that the company has made," said Dr. Steven St. Peter. "In addition, this marks the first investment by MPM in a company with a substantial Kansas City presence. We have long followed the positive developments in the Kansas City area life sciences sector, and this investment affirms our view that attractive opportunities originate there."
Over the last several years, Dr. Steven St. Peter has worked informally with the Kansas City Area Life Sciences Institute in an advisory capacity. In addition, he currently serves as a member of the Kansas Bioscience Authority's Heartland BioVentures Advisory Board. Originally from Wichita, Dr. St. Peter has a B.A. in Chemistry from the
"Proteon is very pleased to have attracted the interest of MPM Capital, one of the world's premier healthcare venture capital firms," said F. Nicholas Franano, M.D., Chief Scientific Officer and founder of Proteon Therapeutics. "MPM's understanding of the life sciences industry makes them an ideal investor. In addition, I have known and worked with Steven St. Peter for over 20 years and am excited about the contribution he will make to our board of directors and the future direction of our company."
In addition to MPM Capital, the other new investor in this round of financing is the Vectis Healthcare & Life Sciences Fund. MPM and Vectis have a strong and deep relationship.
Tim Noyes, CEO of Proteon, said, "Proteon welcomes these additions to our already strong investor base. This financing will allow us to fund very significant clinical development in a field that needs better solutions."
About MPM Capital
MPM Capital is one of the world's largest dedicated investors in the life sciences. With offices in Boston and San Francisco, the firm manages committed capital in excess of $2 billion. MPM Capital has a deep and experienced team capable of investing from early-stage to late-stage which positions it to invest across the full spectrum of healthcare innovation. For additional information, visit www.mpmcapital.com
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, visit www.proteontherapeutics.com
|SOURCE MPM Capital|
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