Promedior, a clinical stage biotechnology company that develops therapeutics for the treatment of fibroproliferative diseases, has raised $22m in the first closing of a Series D financing round led by a new investor Fibrotec Ventures.
Existing investors including Morgenthaler Ventures, HealthCare Ventures, Polaris Venture Partners, Forbion Capital Partners and Easton Capital Investment Group also participated in the round, bringing total funding to date to $62m.
Proceeds from the financing will enable Promedior to broaden and advance its pipeline of Pentraxin-2 therapeutics, and to accelerate the development of its lead drug candidate for ophthalmic indications, PRM-167, which is being developed for fibrovascular retinal diseases such as age-related macular degeneration, diabetic retinopathy and proliferative vitreoretinopathy.
“We believe that Promedior’s platform has the potential to revolutionise the treatment of a number of serious fibrovascular diseases, including diseases for which there are no FDA-approved treatments,” said Hanns Pielenz, president of Fibrotec Ventures.
“This financing will enable Promedior to build on its strong scientific and clinical platform and to further validate the clinical efficacy of Pentraxin-2 therapies for the treatment of fibrosis.”
“We are very pleased to be joining this extraordinary team of management, advisors and investors, and we look forward to supporting the efforts of Promedior to bring successfully much needed therapeutics to patients with diseases such as myelofibrosis, IPF and retinal diseases.”
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