Belgium's Promethera banks $31M for orphan disease R&D

Promethera Biosciences has put together €25.3 million ($31.4 million) in equity and loans to hit the gas on its stem cell treatment for rare liver diseases. The Belgian biotech raised €20.3 million ($25.3 million) in equity from a syndicate that includes new investors SFPI-FPIM and SMS Investments, plus previous backers like Shire ($SHPG) and Boehringer Ingelheim. The remaining €5 million ($6.2 million) comes in the form of loans and subsidies from Belgium's Walloon region. The Series C fundraise follows the success of a Phase I/II study on HepaStem, Promethera's cell therapy designed to treat congenital and acquired liver ailments, including urea cycle disorders and Crigler-Najjar disease. More (PDF)

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