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Cambridge-based biotechnology firm Pervasis Therapeutics, Inc. has raised $10 million out of a $17 million third round of financing. Current investors Flagship Venture Partners, Polaris Venture Partners and Highland Capital Partners participated in the round, with new investor Richter Family Fund joining the financing. The fund is led by Kobi Richter, Ph.D., chairman and chief technology officer of Medinol Ltd., and Judith Richter, Ph.D., chief executive officer of Medinol.
The proceeds will be used primarily to support the company’s ongoing clinical development programs, including PVS-10200, a potential treatment for patients with peripheral arterial disease (PAD). Pervasis also continues to advance its lead program, Vascugel, a potential therapy for hemodialysis patients. Two Phase 2 trials for Vascugel have been completed.
The company announced in May that new data supported the claim that PVS-10200 could be used to help patients with peripheral arterial disease recover after angioplasty and stent placements.
Pervasis also announced that Yoram Richter, Ph.D., vice president for research and development of BIOrest Ltd., has been appointed to Pervasis’ board of directors.
Privately held, five-year-old Pervasis focuses on creating cell-based compounds and devices. It is also exploring technology in non-vascular applications, such as bone and joint repair, wound healing and inflammation.
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