Pervasis Therapeutics, Inc. today announced that it completed the initial closing of a $17 million third round of financing. The proceeds will be used primarily to support the company's ongoing clinical development programs, including PVS-10200, a biologically active therapy designed to reestablish healthy vasculature following common interventions to treat peripheral arterial disease (PAD) and potentially other conditions. Pervasis also continues to advance its lead program, Vascugel((R)), which is being developed to prevent arteriovenous access failure in hemodialysis patients. Two Phase 2 trials for Vascugel have been successfully completed, and Pervasis is in active dialogue with the U.S. Food and Drug Administration regarding the next steps required for the submission of a Biologics License Application.
Participants in the financing included Flagship Venture Partners, Polaris Venture Partners and Highland Capital Partners, all of which participated in a previous round of financing. In addition, the Richter Family Fund is participating for the first time. The fund is led by Kobi Richter, Ph.D., chairman and chief technology officer of Medinol Ltd., and Judith Richter, Ph.D., chief executive officer of Medinol, who have more than 30 years of combined experience in developing technology and medical devices, with a focus on vascular diseases.
Pervasis also announced that Yoram Richter, Ph.D., vice president for research and development of BIOrest Ltd., has been appointed to Pervasis' Board of Directors. He adds to Pervasis' Board significant research, development and commercial expertise in cardiovascular clinical applications.
"Pervasis' proprietary endothelial technology creates an entirely new product platform for the discovery and development of novel therapeutics to treat vascular diseases, with potential in other indications outside of the cardiovascular field," said Dr. Yoram Richter. "I look forward to contributing to the company's ongoing efforts as an active member of the Board."