Promedior closes $12 million financing; will progress lead drug PRM-151

Promedior, a US clinical stage biotechnology company developing novel therapies to treat inflammatory and fibrotic diseases, says that it has raised $12 million in a Series C financing round. Forbion Capital Partners led the round, with participation from existing investors Morgenthaler Ventures, HealthCare Ventures, Polaris Venture Partners and Easton Capital. This round of financing brings the total capital raised by Promedior over the past year to $27 million.

The proceeds will enable Promedior to accelerate the development of its pipeline and expand the clinical development program for its lead drug candidate, PRM-151, into Phase II clinical development in several indications involving inflammation and fibrotic disease. PRM-151, a recombinant human protein, is a novel therapy that promotes resolution of injury by regulating the monocyte-derived cell populations that play key roles in fibrotic, inflammatory and autoimmune diseases. The compound has demonstrated a strong safety profile and preclinical efficacy in multiple validated models of inflammatory and fibrotic disease and is being developed to treat the most severe and difficult-to-treat fibrotic and inflammatory conditions of the eye, lung and kidney. Recently, Promedior successfully completed a Phase I clinical study of PRM-151.

Will generate Ph II data