Clinical stage biotechnology company Promedior has completed a $24.5m Series D financing round, adding $3m in a second closing of this financing round from new investor, corporate venture capital firm Shire Strategic Investment Group.
The first close of the financing was led by another new investor, Fibrotec Ventures, and the round includes participation from all of Promedior’s existing venture investors, including Morgenthaler Ventures, HealthCare Ventures, Polaris Venture Partners, Forbion Capital Partners and Easton Capital Investment Group.
Proceeds from the financing will enable Promedior to broaden and advance its pipeline of Pentraxin-2 therapeutics, currently in clinical development.
“Adding Shire as a new and strategic investor underscores the clinical progress that Promedior has made, as well as the tremendous potential of our new class of Pentraxin-2 therapeutics,” said Suzanne Bruhn, PhD, president and CEO of Promedior. “With the progress of our PRM-151 clinical programs, which have recently yielded new data in IPF, we are seeing growing validation that PRM-151’s unique mechanism of action offers the potential to treat fibrosis in a new way to address the unmet needs of patients with fibrotic diseases.”
In connection with this second close of the Series D financing, Armand Girard, a vice president at Shire, will join the board of directors.
Copyright © 2012 AltAssets