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Proteon's Series B round brings in $50mm for the company
16 May 2014
Proteon Therapeutics (developing compounds for cardiovascular and kidney conditions) has raised $38mm through its Series B venture round. Lead investor MPM Capital was joined by fellow backer Vectis Healthcare & Life Sciences Fund and current shareholders TVM Capital, Skyline Ventures, Prism VentureWorks, Intersouth Partners, and several original angel investors. MPM gains representation on Proteon's board. The funds will be used to develop Phase I/II PRT201 to improve the health of chronic hemodialysis patients that undergo arteriovenous fistula surgery. Concurrent with the financing, Proteon announced it had granted Novartis an option to buy the company pending the completion of a Phase II trial of the drug candidate.
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