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Waltham-based biopharmaceutical firm Proteon Therapeutics Inc. has completed a second closing of its Series B equity financing, raising an additional $12 million.
Proteon said that it had increased the total equity capital raised in this round to $50 million. The additional cash came mostly from two new investors, Bessemer Venture Partners and Devon Park Bioventures. In addition, some cash came from previous investors.
The Series B financing originally closed in March, said Proteon, and included new investors MPM Bio IV NVS Strategic Fund LP and Vectis Healthcare & Life Sciences Fund. Also included were existing investors TVM Capital, Skyline Ventures, Prism VentureWorks, Intersouth Partners and several of Proteon’s first angel investors.
In related news this week, Proteon also announced the U.S. Food & Drug Administration gave orphan drug designation to its lead drug candidate, PRT-201. This drug is intended to treat patients with end stage renal disease facing surgery for arteriovenous fistula creation -- the abnormal connection between arteries and veins. During surgery, PRT-201 functions by dilating parts of arteries and veins and increasing blood flow. The company claims this should simultaneously lower maturation failure rates of arteriovenous fistula and lead to fewer chronic hemodialysis procedures.
In March, Proteon announced a potential $550 million with pharmaceutical giant Novartis AG. Under the agreement’s terms, Novartis will retain an exclusive option to acquire Proteon after the successful completion of a Phase 2 clinical study of PRT-201. Earlier this year, Proteon launched a Phase 1/2 human clinical study of PRT201.
In addition to its headquarters in Waltham, Proteon has research facilities in Kansas City, Mo.
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