US-based biotechnology company Pronutria Biosciences received $42.5m in funding yesterday from Nestlé Health Science, a nutritional therapy subsidiary of food and beverage conglomerate Nestlé.
Pronutria is working on treatments and nutritional supplements for more than 2,000 diseases that are caused by an imbalance in amino acids, which form the basis of proteins and are essential to the proper functioning of cells.
The platform has so far led to clinical-stage drugs for muscle, neurodegenerative and liver conditions. The cash will enable Pronutria to advance several late-stage clinical candidates, while Greg Behar, CEO of Nestlé Health Science, will join Pronutria’s board of directors.
Financial services group Fidelity Management and Research led a $39m series C round for Pronutria in May 2015.
The series C round also included Flagship Ventures, a VC firm that manages a $537m fund backed by limited partners including Nestlé Health Science, agribusiness Bayer CropScience and pharmaceutical firm AstraZeneca.
Flagship VentureLabs, the incubator operated by Flagship Ventures, previously led a $12.25m series B round in 2014 for Pronutria that also included unnamed investors. VentureLabs had earlier provided $10.8m in series A capital when Pronutria graduated from the incubator in 2013.
Robert Connelly, president and chief executive of Pronutria, said: “We are delighted with the support from Nestlé Health Science and recognition of the rapid progress we have made towards the clinic with several lead candidates.
“We intend to demonstrate the breadth of our technology by expanding the existing muscle, neurological and liver disease programs.”