US-based pharmaceutical company Proteon Therapeutics has raised $45m in a series D round led by healthcare investment firm Abingworth, with participation from Russian pharmaceutical company Pharmstandard via its investment and holdings subsidiary Pharmstandard International.
Healthcare investment firm Deerfield International, and returning investors TVM Capital, Prism VentureWorks, Skyline Ventures, Intersouth Partners, MPM Capital, Devon Park Bioventures, Bessemer Venture Partners, and the Vectis Healthcare and Life Sciences Fund also took part in the round.
Founded in 2006, Proteon is currently developing PRT-201, a drug aimed at improving blood flow following vascular surgery procedures. Proteon plans to use $25m of the $45m raised in the series D to fund the first Phase 3 clinical study of PRT-201.
To date Proteon Therapeutics has raised $126.5m. In 2013 Switzerland-based pharmaceutical company Novartis attempted to acquire the company for $550m.
Tim Haines, managing partner at Abingworth, who also joined Proteon’s Board of Directors following the round said: “We believe PRT-201 has significant potential to improve outcomes in hemodialysis patients undergoing surgical placement of a vascular access and are impressed with the capabilities of the Proteon management to lead this development effort.”