Proteon Therapeutics, a US-based developer of treatments for renal and vascular disease backed by investors including pharmaceutical company Pharmstandard, has filed for an initial public offering of up to $69m.
Proteon plans to use the proceeds from the IPO to accelerate the progress of its lead drug candidate, a drug called PRT-201 for patients with kidney disease, through Phase 3 clinical trials.
The company has raised more than $126m since it was founded in 2006, including $25m of a planned $45m series D round in May this year featuring Pharmstandard, Deerfield International, TVM Capital, Prism VentureWorks, Skyline Ventures, MPM Capital, Devon Park Bioventures, Bessemer Venture Partners and Vectis Healthcare and Life Sciences Fund.
Pharmstandard holds a 10.5% stake in Proteon, according to an SEC filing for the IPO. The company’s largest shareholder is TVM, which holds a 19.4% stake, ahead of Abingworth, which owns 19.1%.
Stifel, Nicolaus & Company, JMP Securities, Robert W. Baird and Oppenheimer are acting as underwriters for the offering.