Promedior raised $12 million in a Series C financing round led by Forbion Capital Partners. A number of Promedior’s existing investors also participated in the funding round.
The firm said the new capital will be used to accelerate its pipeline and fund Phase II development of its lead protein therapeutic, PRM-151, for multiple indications involving inflammation and fibrotic disease. PRM-151 successfully completed a European-based Phase I trial during 2010.
Promedior’s R&D is focused on regulating monocyte-derived cell populations that play key roles in fibrotic, inflammatory, and autoimmune diseases. PRM-151 is a recombinant form of human serum amyloid P (rhSAP), which has broadly active antifibrotic activity, the firm claims.
It is being developed as a potential treatment for some of the most severe and difficult-to-treat fibrotic and inflammatory conditions of the eye, lung, and kidney. In October 2009, the European Commission granted PRM-151 Orphan Medicinal Product Designation for use in the prevention of scarring post glaucoma filtration surgery.
“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,” remarks Dominick C. Colangelo, the firm’s president and CEO.