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December 16, 2019

Promethera closes Series D funding round to support expansion

Cell-based drugs developer Promethera Biosciences has closed a Series D financing round to support its expansion in Asian markets, along with the development of liver disease programmes.

Cell-based drugs developer Promethera Biosciences has closed a Series D financing round to support its expansion in Asian markets, along with the development of liver disease programmes.

The funding round previously fetched €39.7m, followed by additional €7.5m from Sony Innovation Fund by IGV and Pegasus Tech Ventures.

Furthermore, Medipal Holdings, Six Snow, a Japanese private investor and a Belgian private investor, joined the extension.

The company’s office in Tokyo, Japan, will act as a base for its expansion in Asia.

Moreover, the company will use the proceeds to launch clinical trials of programmes to treat non-alcoholic steatohepatitis (NASH) and acute-on-chronic liver failure (ACLF) in ex-European markets next year.

A trial in NASH commenced in the first half of this year. The company is also conducting a Phase IIa trial in patients with ACLF or those with acute decompensation (AD) at high risk of developing ACLF.

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Promethera Group president and CEO John Tchelingerian said: “The additional investment by Sony Innovation Fund by IGV and Pegasus Tech Ventures continues to acknowledge the potential of our HepaStem technology.

“With the additional funds provided by the Series D expansion, Promethera plans to further solidify its position as the leading drug development organisation in cell-based therapies and regenerative medicines targeting severe liver disorders.”

The company’s HepaStem is made up of liver-derived stem cells extracted from donated healthy human organs and then expanded in culture conditions.

As well as cell-based drugs, Promethera is developing a portfolio of complementary biologics treatments, including the anti-TNF-R1 antibody Atrosimab, obtained with the acquisition of Swiss biopharmaceutical firm Baliopharm last year.

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