Pervasis Therapeutics completed the closing of a $17 million third round of financing. The proceeds will be used primarily to support the company's ongoing clinical development programs.
The company says that in particular the money will help advance Phase I PVS-10200, a biologically active therapy designed to re-establish healthy vasculature following common interventions to treat peripheral arterial disease and potentially other conditions. Pervasis also continues to progress its lead program, Vascugel®. It is being investigated in two mid-stage studies for its ability to enhance blood-vessel repair and promote vascular health.
Participants in the financing included new investor Richter Family Fund along with investors from the previous round, Flagship Venture Partners, Polaris Venture Partners, and Highland Capital Partners.
“Pervasis' proprietary endothelial technology creates an entirely new product platform for the discovery and development of novel therapeutics to treat vascular diseases, with potential in other indications outside of the cardiovascular field,” says Yoram Richter, Ph.D., vp for R&D of BIOrest. He has been appointed to Pervasis' board of directors.
PVS-10200 has been developed using tissue-engineered allogeneic endothelium. Preclinical studies demonstrated is potential to limit the intimal hyperplastic, inflammatory, and thrombotic processes that lead to restenosis after angioplasty or stent placement.
Vascugel was also developed using tissue-engineered allogeneic endothelium. Phase II studies for Vascugel as a concurrent therapy with arteriovenous access procedures in patients with end-stage renal disease have been successfully completed. In these studies, patients treated with Vascugel had fewer interventions, thrombotic events, and complications than placebo-treated patients, Pervasis reports. In May Vascugel received an orphan drug designation from the FDA for the prevention of arteriovenous fistula or arteriovenous graft failure in patients with end-stage renal disease.