Proteon Therapeutics Inc., a Waltham, Massachusetts-based developer of treatments for patients with kidney and vascular diseases, has reportedly raised $45 million in a Series D financing round. The financing includes a $25-million tranche that the biotech plans to use to fund the first Phase 3 clinical study of its lead product, PRT-201, a treatment for kidney dialysis patients. According to the company, PRT-201 has received fast track and orphan drug designations from the U.S. Food and Drug Administration and orphan medicinal product designation from the European Commission for hemodialysis vascular access indications.
Abingworth LLP led the financing, with participation by Deerfield Management Co. and Pharmstandard International S.A. 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 also contributed to the round.
President and CEO Timothy Noyes said, “AVF (arteriovenous fistula) failure causes great suffering for hemodialysis patients, resulting in repeat surgical and endovascular procedures and increased cost of care. We look forward to the initiation of the Phase 3 study later this year, based on results from earlier studies demonstrating that PRT-201 has the potential to provide meaningful benefit to CKD (chronic kidney disease) patients.” See Proteon Therapeutics Inc. News Release, May 16, 2014.