Proteon Therapeutics has more than $550 million riding on its mid-stage trial of its blood-vessel dilating therapy. That's how much Novartis has agreed to pay for the company--in an upfront payment and milestones--provided the trial ends successfully. And Proteon got more good news with the announcement that MPM Capital has led a $38 million investment round for the company, which will fund the company through that Phase II milestone.
Proteon's PRT-201 is in a Phase I/II trial in patients with end stage renal disease undergoing surgery for arteriovenous fistula creation.
"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 Timothy P. Noyes, president and CEO of Proteon, which is based in Waltham, MA. "We greatly appreciate the continued support of our existing venture and angel investors, and we are excited to welcome MPM and Vectis as new investors."
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.
- see Proteon's release