Leading the Way in Life Science Technologies

GEN Exclusives

More »

GEN News Highlights

More »
Mar 5, 2009

Proteon Secures $38M Financing and Option Agreement with Novartis Related to Lead Candidate

  • Proteon Therapeutics obtained $38 million in financing to further development of its treatment for patients with end-stage renal disease undergoing surgery for arteriovenous fistula (AVF) creation. The company also reports inking an agreement with Novartis for this drug, PRT-201, the value of which could exceed $550 million.

    Novartis has obtained an exclusive option to acquire Proteon if it successfully completes a Phase II study of PRT-201. Proteon recently reported the start of a Phase I/II trial.

    Novartis also has the right to a global license under preagreed conditions. The $550 million includes the initial acquisition price plus potential regulatory milestone fees.

    The $38 million series B equity financing was led by new investor MPM Capital. Additionally it includes Vectis Healthcare & Life Sciences Fund, which is also a new investor, along with existing investors, TVM Capital, Skyline Ventures, Prism VentureWorks, Intersouth Partners, and several of Proteon's original angel investors.

    PRT-201 is a recombinant human elastase and has reportedly been shown to cause dilation of segments of arteries and veins following topical intraoperative application in animals.



Related content

Be sure to take the GEN Poll

Cancer vs. Zika: What Worries You Most?

While Zika continues to garner a lot of news coverage, a Mayo Clinic survey reveals that Americans believe the country’s most significant healthcare challenge is cancer. Compared to other diseases, does the possibility of developing cancer worry you the most?

More »