Proteon Thera gets new funding of $15 million, ahead of Novartis acquisition option

15 August 2011

US privately-held biopharmaceutical firm Proteon Therapeutics, the subject of a takeover option by Swiss drug major Novartis (NOVN: VX) has raised $15.2 million in a financing round, reports the Mass High Technology newsletter.

The new funding round is in exchange for equity and options, according to the filing with the US Securities and Exchange Commission. A total of 19 backers were involved in the round, but not listed by name. Previous investors in Proteon include Bessemer Venture Partners, Devon Park Bioventures, MPM Bio IV NVS Strategic Fund LP, Vectis Healthcare & Life Sciences Fund, TVM Capital, Skyline Ventures, Prism VentureWorks, Intersouth Partners and several angel investors.

Proteon last brought in investor money in May of 2009, when it added $12 million to its Series B round, boosting that round $50 million, officials said at the time, the newsletter noted. The first tranche of the Series B was announced in March of 2009, when the company also revealed that it had entered into a deal with Novartis.

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