Proteon Therapeutics boosts Series B to $50M

Waltham, MA-based Proteon Therapeutics has rounded up $12 million in a second close of its second round, raising its take in the Series B to an even $50 million.

Two new investors, Bessemer Venture Partners and Devon Park Bioventures, joined previous investors in the round. And Proteon also announced that its lead product candidate, PRT-201, received orphan drug designation from the FDA for prevention of arteriovenous fistula maturation failure and arteriovenous graft failure in patients with end-stage renal disease who are on or preparing for hemodialysis.

"We are very pleased and fortunate to add the outstanding firms of Bessemer and Devon Park to our existing syndicate of blue chip investors," said Timothy P. Noyes, president and CEO of Proteon.

MPM Bio IV NVS Strategic Fund L.P. and Vectis Healthcare & Life Sciences Fund joined TVM Capital, Skyline Ventures, Prism VentureWorks, Intersouth Partners and several of Proteon's original angel investors in the first close of the Series B. Earlier this year, Proteon launched a Phase I/II clinical study of PRT201 in patients undergoing surgery for AVF creation. The combination of the Novartis option agreement and the now-increased size of the Series B financing will allow Proteon to develop PRT-201 beyond an AVF Phase II clinical study.

- check out Proteon's release

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