BioCentury
ARTICLE | Financial News

Promentis raises $26M in series C

March 30, 2017 4:33 PM UTC

Promentis Pharmaceuticals Inc. (Milwaukee, Wisc.) raised $26 million in a series C round led by new investors OrbiMed, F-Prime Capital and Aisling Capital. Existing investors Black Pearl GmbH, the Golden Angel Network and individual investors also participated.

Promentis is developing compounds targeting solute carrier family 7 member 11 cysteine glutamate transporter (SLC7A11; xCT) to treat psychiatric disorders. Promentis CEO and OrbiMed Venture Partner Klaus Veitinger declined to disclose a specific indication for Promentis' lead candidate, SXC-2023, but said the target has been associated with schizophrenia, bipolar disorder and addiction...