Promedior, Inc., a clinical stage biotechnology company developing novel
therapies to treat inflammatory and fibrotic diseases, today announced
that it has raised $12 million in a Series C financing round. Forbion
Capital Partners led the round, with participation from existing
investors Morgenthaler Ventures, HealthCare Ventures, Polaris Venture
Partners, and Easton Capital. The Series C financing brings the total
capital raised by Promedior over the past year to $27 million.
“This new financing will allow us to generate initial Phase 2
clinical data for PRM-151 in several therapeutic indications. In
addition, as a European investor, Forbion brings valuable drug
development experience and regulatory expertise, as well as an
additional network in Europe as we pursue a global drug development
strategy.”
Proceeds from the Series C financing will enable Promedior to accelerate
the development of its pipeline and expand the clinical development
program for its lead drug candidate, PRM-151, into Phase 2 clinical
development in several indications involving inflammation and fibrotic
disease. PRM-151, a recombinant human protein, is a novel therapy that
promotes resolution of injury by regulating the monocyte-derived cell
populations that play key roles in fibrotic, inflammatory and autoimmune
diseases. PRM-151 has demonstrated a strong safety profile and
preclinical efficacy in multiple validated models of inflammatory and
fibrotic disease and is being developed to treat the most severe and
difficult-to-treat fibrotic and inflammatory conditions of the eye, lung
and kidney. Recently, Promedior successfully completed a Phase 1
clinical study of PRM-151.
"We believe that this Series C investment validates the tremendous
progress Promedior has made in the development of our platform and our
lead clinical program, and provides strong momentum to execute our
business strategy and continue development of novel drugs to treat a
broad range of serious inflammatory and fibrotic diseases,” said
Dominick C. Colangelo, President and Chief Executive Officer of
Promedior. “This new financing will allow us to generate initial Phase 2
clinical data for PRM-151 in several therapeutic indications. In
addition, as a European investor, Forbion brings valuable drug
development experience and regulatory expertise, as well as an
additional network in Europe as we pursue a global drug development
strategy.”