Prometheus Biosciences, a US-based developer of treatments for inflammatory bowel disease (IBD), closed $130m in financing yesterday from investors including healthcare provider Cedars-Sinai Medical Center and food product manufacturer Nestlé.
Eventide Asset Management and RTW Investments co-led the round, which also featured Perceptive Advisors, Cormorant Capital, Cowen Healthcare Investments, Ascend Global Investment Fund, Point72 Asset Management and Irving Investors.
Founded in 2016 as Precision IBD, Prometheus is developing precision medicine and diagnostics technology for gastroenterology and autoimmune diseases, and is initially concentrating on IBD.
In June 2019, the company acquired bought the Prometheus Laboratories business Nestlé acquired in 2011, rebranding in the process.
Prometheus Biosciences had previously raised about $62m, closing its most recent round at $48.1m in April this year according to a securities filing. It had secured $3.7m in 2017 and $10.1m in November 2018, according to additional filings.
Mark McKenna, president and chief executive of Prometheus, said: “We are pleased to have the support of such outstanding investors who share our dedication and vision to build the world’s leading precision medicine company for IBD.
“We are now well-positioned to advance the clinical development of our lead antibody program targeting TL1A-associated IBD and grow our emerging pipeline of precision medicine programmes designed to deliver life-changing outcomes for patients.”
