Promedior raises $12M in Series C financing

Mar 16 2010

Promedior, Inc., a clinical stage biotechnology company developing novel therapies to treat inflammatory and fibrotic diseases, today announced that it has raised $12 million in a Series C financing round. Forbion Capital Partners led the round, with participation from existing investors Morgenthaler Ventures, HealthCare Ventures, Polaris Venture Partners, and Easton Capital. The Series C financing brings the total capital raised by Promedior over the past year to $27 million.

“This new financing will allow us to generate initial Phase 2 clinical data for PRM-151 in several therapeutic indications. In addition, as a European investor, Forbion brings valuable drug development experience and regulatory expertise, as well as an additional network in Europe as we pursue a global drug development strategy.”

Proceeds from the Series C financing will enable Promedior to accelerate the development of its pipeline and expand the clinical development program for its lead drug candidate, PRM-151, into Phase 2 clinical development in several indications involving inflammation and fibrotic disease. PRM-151, a recombinant human protein, is a novel therapy that promotes resolution of injury by regulating the monocyte-derived cell populations that play key roles in fibrotic, inflammatory and autoimmune diseases. PRM-151 has demonstrated a strong safety profile and preclinical efficacy in multiple validated models of inflammatory and fibrotic disease and is being developed to treat the most severe and difficult-to-treat fibrotic and inflammatory conditions of the eye, lung and kidney. Recently, Promedior successfully completed a Phase 1 clinical study of PRM-151.

"We believe that this Series C investment validates the tremendous progress Promedior has made in the development of our platform and our lead clinical program, and provides strong momentum to execute our business strategy and continue development of novel drugs to treat a broad range of serious inflammatory and fibrotic diseases,” said Dominick C. Colangelo, President and Chief Executive Officer of Promedior. “This new financing will allow us to generate initial Phase 2 clinical data for PRM-151 in several therapeutic indications. In addition, as a European investor, Forbion brings valuable drug development experience and regulatory expertise, as well as an additional network in Europe as we pursue a global drug development strategy.”

“Promedior fits the ideal characteristics of a biopharmaceutical company pursuing first- or best-in-class drugs, and we believe the company is well positioned to develop novel drugs that will have a major impact in the treatment of inflammatory and fibrotic diseases. We are impressed by how quickly Promedior has built a highly promising pipeline of products that will be validated in the clinic using the proceeds of this financing round,” said Geert-Jan Mulder, M.D., general partner at Forbion Capital Partners. “We are delighted to invest in Promedior and join an experienced management team together with a very strong and committed syndicate of investors.”

In connection with this financing, Geert-Jan Mulder, M.D., of Forbion Capital Partners will join the Board of Directors of Promedior, which is comprised of Joseph Zakrzewski, Chairman; Dominick C. Colangelo, President and CEO - Promedior, Inc.; Paul D. Goldenheim, M.D.. Former President - TransForm Pharmaceuticals; Amir Nashat, Ph.D.,General Partner - Polaris Venture Partners; James W. Broderick, M.D., General Partner - Morgenthaler Ventures; Harold (Hal) R. Werner, General Partner - HealthCare Ventures, and John H. Friedman, Easton Capital Investment Group.

Recent progress with Promedior’s lead compound, PRM-151, includes the European Commission’s designation of PRM-151 as an Orphan Drug for the prevention of scarring post-glaucoma filtration surgery in the fourth quarter of 2009, and the successful completion of a Phase 1 clinical study in the first quarter of 2010. The Phase 1 study was conducted in the European Union, exemplifying the company’s global drug development strategy to access worldwide clinical development expertise.