Proteon Therapeutics Completes $38M Equity Financing; Initiates Phase 1/2 Clinical Study of PRT-201 in Hemodialysis Patients and Signs Option Agreement With Major Pharmaceutical Company
The Series B financing includes new investors, the MPM Bio IV NVS Strategic Fund L.P. and the Vectis Healthcare & Life Sciences Fund, along with existing investors TVM Capital, Skyline Ventures, Prism VentureWorks, Intersouth Partners and several of Proteon's original angel investors. Concurrent with the investment, Proteon also announced the addition of Dr.
"Patients with kidney failure endure great suffering and frequent hospitalization due to vascular access complications. If successful, PRT-201 may improve medical outcomes and lower the associated cost of care," said
"Vascular access complications represent a significant healthcare problem, and we were impressed by the market opportunity for PRT-201 and with the quality of Proteon's team," said Dr.
PRT-201 is a recombinant human elastase that is being studied for its ability to improve arteriovenous fistula (AVF) surgery outcomes in patients requiring chronic hemodialysis. PRT-201 has been shown to cause dilation of segments of arteries and veins following topical intraoperative application in animals. Vessel dilation and increased blood flow through the fistula may decrease AVF maturation failure rates. Improved maturation rates may lead to fewer corrective surgical procedures, hospitalizations, lower costs, and less suffering for dialysis patients. PRT-201 also will be studied for its ability to prolong the patency of arteriovenous grafts (AVGs).
About Proteon Therapeutics
Proteon Therapeutics, Inc., is a privately held biopharmaceutical company developing novel, first-in-class pharmaceuticals to address the critical medical needs of patients with kidney and vascular diseases. The company is headquartered in
About MPM Capital
MPM Capital is one of the world's largest life science-dedicated venture investors. With committed capital under management in excess of
SOURCE Proteon Therapeutics, Inc.