US biopharmaceutical company Proteon Therapeutics has closed a $45m of Series D equity financing, including a $25m tranche to fully fund the first Phase 3 clinical study of its lead product.
The financing was led by Abingworth, with participation by Deerfield Management Company and Pharmstandard Internationa, a holding company fully committed by OJSC Pharmstandard. In addition, the financing included existing investors TVM Capital, Prism VentureWorks, Skyline Ventures, Intersouth Partners, MPM Capital, Devon Park Bioventures, Bessemer Venture Partners, and the Vectis Healthcare and Life Sciences Fund.
Concurrent with the investment, Tim Haines, partner at Abingworth, and Dmitry Kobyzev, investment manager at Inbio Ventures, a management company which represented Pharmstandard in facilitating the investment round, have joined Proteon Therapeutics’ Board of Directors.
Abingworth is an international investment group dedicated exclusively to the life sciences and health care sectors. The firm invests across all stages of company development, including early- and late-stage private deals, VIPEs, venture growth and public companies. The firm has funds under management of over $1.25bn and offices in London, Menlo Park, Calif., and Boston.
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