Prism raises $15 million in series C

Prism Pharma Co. Ltd. (Yokohama, Japan) raised about $15 million in a series C round led by Innovation Network Corp. of Japan. Existing investor Development Bank of Japan also participated along with four other existing investors. Next half, Prism plans to start Phase I testing of PRI-724 to treat liver fibrosis induced by HCV, with data expected in early 2015. The company also plans to evaluate PRI-724 in additional undisclosed fibrosis indications in dermatology and ophthalmology. Eisai Co. Ltd. (Tokyo:4523; Osaka:4523) has rights to the beta-catenin (CTNNB1) inhibitor from Prism in cancer indications, for which the compound is in Phase I testing. Prism has raised about $35 million in venture funding since its inception in 2006. ...