Proteon raises $38m, signs option deal with Novartis
Proteon Therapeutics Inc., a privately held Waltham biopharmaceutical company, said that it has completed a $38 million Series B equity financing led by MPM Capital, a firm with Boston offices that that invests in life sciences companies.
Proteon said it has also entered an agreement with Novartis that grants the Swiss drug maker an exclusive option to buy acquire Proteon following the "successful completion of a Phase 2 clinical study of PRT-201 with a potential secondary right to a global license under pre-agreed conditions."
"Including the initial acquisition payment plus potential additional regulatory milestone payments, the deal with Novartis could exceed $550 million," Proteon said in a press release.
Proteon's drug candidate, PRT-201, aims to improve vascular access in patients currently on or being prepared for hemodialysis, the company has said.
In September, the company said that PRT-201 had received fast-track designation from the US Food and Drug Administration. The FDA's fast-track designation is intended to facilitate development and expedite review for drugs that treat serious diseases and fill unmet medical needs. (To read a Boston.com brief on that, please click here.)
When today's financing of $38 million is included, Proteon has raised $72 million in equity financing to date.
To read today's press release from Proteon, please click here.
(By Chris Reidy, Globe staff)