US-based biotechnology company Prosetta Biosciences secured $31m in series D capital on Thursday through a private placement from a consortium of investors including drug developer Takeda Pharmaceuticals.
Investment firm Alger Management led the round, which also featured several unnamed backers.
Founded in 2002, Prosetta is working to create treatments for conditions affecting the central nervous system, including cancer and inflammation, as well as products aimed at animal health and biodefence.
Prosetta will use the proceeds to support research and development efforts. The company had previously secured approximately $21m in funding, according to regulatory filings.
Ceri Davies, head of Takeda’s central nervous system drug discovery unit, said: “Takeda is committed to external innovation through investments and partnerships that support the discovery of therapies that will make a truly meaningful difference in the lives of patients.
“We are pleased to invest in Prosetta in order to assist them in their research efforts.”