Proteon banks $61M in a down-sized IPO as it moves on without Novartis

Proteon Therapeutics ($PRTO) priced its IPO below its expected range, clearing $61 million to pay the way for its investigational vascular drug. The Massachusetts biotech moved 6.1 million shares at $10 each, a price that fell lower than its planned $12 to $14. The money will support the Phase III development of PRT-201, a synthetic enzyme that can help dilate arteries and veins. Earlier this year, Novartis ($NVS) walked away from its option to buy Proteon for up to $550 million, and now the biotech is carrying on with PRT-201 on its own, in May securing $45 million in venture commitments as it works through late-stage study. News

Suggested Articles

It’s been a minute, but AstraZeneca has gotten the FDA’s all-clear to restart the U.S. study of its COVID-19 vaccine.

Solid Bio is teaming up with Ultragenyx on Duchenne muscular dystrophy in a deal worth $40 million upfront but could net it another $255 million.

The RNAi therapy drove a 72% reduction in urinary oxalate from baseline, boosting Alnylam’s hopes of using the drug in a broad patient population.