Proteon secures $45 million in D round
Kidney and vascular disease company Proteon Therapeutics Inc. (Waltham, Mass.) raised $25 million in the first tranche of a secured $45 million series D round led by new investor Abingworth. New investors Deerfield Management and Pharmstandard International S.A. also participated, along with existing investors TVM Capital; Prism VentureWorks; Skyline Ventures; Intersouth Partners; MPM Capital; Devon Park Bioventures; Bessemer Venture Partners; and Vectis Healthcare & Life Sciences Fund.
This July, Proteon plans to start a Phase III trial of PRT-201 to reduce arteriovenous fistula (AVF) failure in hemodialysis patients. The company said the balance is tied to the success of the trial of the recombinant human elastase. Novartis AG (NYSE:NVS; SIX:NOVN) had an exclusive option to acquire Proteon after completion of a Phase II trial of PRT-201, but Proteon said it declined an offer from the pharma last year. The company said Novartis no longer has an option to acquire Proteon. ...