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."
"We are very pleased in the vote of confidence from both prior and new investors. Their investment underscores their belief in our product candidates to offer fundamentally new approaches to treating vascular diseases. Importantly, the additional funding enables Pervasis to advance key development programs, including PVS-10200, which has the potential to improve outcomes following common procedures for treating PAD," stated Frederic Chereau, president and chief executive officer of Pervasis. "We also welcome Yoram Richter to our Board of Directors, who will offer an invaluable perspective on medical devices and vascular care."
Dr. Yoram Richter joined BIOrest, which focuses on developing therapies for the treatment of cardiovascular disease, in 2003. In this role, he is responsible for leading the company's discovery and development programs. Since 2005, Dr. Richter has also served as an advisor to Medinol. Dr. Richter holds a Ph.D. in Medical Engineering from Massachusetts Institute of Technology.