SAN FRANCISCO, Dec. 3, 2015 /PRNewswire/ -- Prosetta Biosciences, Inc. (the "Company," or "Prosetta"), today announced that it has raised approximately $31 million in gross proceeds in a private placement. Prosetta is a biotechnology company that is dedicated to the discovery, development and commercialization of innovative and cost-effective human and animal treatments and therapeutics, based on the company's assembly machine-targeted systems. The investors in the Series D private placement include Alger Management and Takeda Pharmaceutical Company, Limited, among others.
"We are pleased to have led the Series D financing in support of Prosetta," stated CJ Sylvester, of Fred Alger Management, and a member of the Board of Directors of Prosetta. "We believe that Prosetta's assembly machine-focused approach to pathway, target and drug discovery, across various therapeutic areas, is highly novel and disruptive as compared to traditional approaches to drug discovery in the pharmaceutical and biotechnology industries."
"Takeda is committed to external innovation through investments and partnerships that support the discovery of therapies that will make a truly meaningful difference in the lives of patients," said Ceri Davies, Head of Takeda's Central Nervous System Drug Discovery Unit. "We are pleased to invest in Prosetta in order to assist them in their research efforts."
"On behalf of my colleagues at Prosetta Biosciences, I am most pleased to welcome Fred Alger Management, Takeda, and other investors into Prosetta's Series D financing. I have been gratified by the level of investor interest in supporting our unconventional platform for next-generation drug discovery, with the objective of addressing previously unapproachable diseases and disorders that afflict human and animal health," stated Vishwanath R. Lingappa, M.D., Ph.D., Founder, Chief Technology Officer and Co-CEO of Prosetta. "With the addition of the Series D funding, we look forward to advancing our programs across a range of therapeutic areas, internally and in collaboration with strategic partners."
The net proceeds from the private placement will be used primarily for research and development, with an emphasis in the fields of central nervous system diseases and disorders, oncology, inflammation, antiinfectives, vaccines, animal health and biodefense, among other fields, and for working capital and general corporate purposes.
T.R. Winston & Company served as exclusive placement agent and financial advisor to Prosetta in respect of the private placement.
About Prosetta Biosciences, Inc.
Prosetta is a 12-year-old biotechnology company that is dedicated to the discovery, development and commercialization of innovative and cost-effective human and animal treatments and therapeutics. Prosetta applies its proprietary approach to drug discovery, based on over 25 years of research, via cell-free assembly, cellular models, drug-resin affinity chromatography and interactome analysis, that can be applied for purposes of drug discovery across a range of debilitating diseases and disorders.
SOURCE Prosetta Biosciences, Inc.