MALVERN, PA – October 15, 2012 – Promedior, Inc., a clinical stage biotechnology company developing novel biologic therapeutics for the treatment of fibrosis, today announced that it has completed a $24.5 million Series D financing round, adding $3 million in a second closing of this financing round from new investor, Shire Strategic Investment Group. The first close of the financing was led by another new investor, Fibrotec Ventures, LLC, and the round includes participation from all of Promedior’s existing venture investors, including Morgenthaler Ventures, HealthCare Ventures, Polaris Venture Partners, Forbion Capital Partners and Easton Capital Investmen t Group.
Proceeds from the financing will enable Promedior to broaden and advance its pipeline of Pentraxin-2 therapeutics, currently in clinical development. The Company’s lead product candidate, PRM-151 (recombinant human Pentraxin-2 (rhPTX-2)), has recently completed a Phase 1b clinical study in idiopathic pulmonary fibrosis (IPF) patients, and topline data are under review.
“Adding Shire as a new and strategic investor underscores the clinical progress that Promedior has made, as well as the tremendous potential of our new class of Pentraxin-2 therapeutics,” said Suzanne Bruhn, Ph.D., President and Chief Executive Officer of Promedior. “With the progress of our PRM-151 clinical programs, which have recently yielded new data in IPF, we are seeing growing validation that PRM-151’s unique mechanism of action offers the potential to treat fibrosis in a new way to address the unmet needs of patients with fibrotic diseases.”
Promedior is also using proceeds from this larger funding round to expand the clinical development of PRM-151 to include myelofibrosis, a rare disorder of the bone marrow, in which the marrow is replaced by fibrous scar tissue. Additionally, Promedior plans to accelerate the development of its drug candidate for ophthalmic indications, PRM-167 (rhPTX-2 variant for intravitreal injection), which is designed to be optimized for fibrovascular retinal diseases such as age-related macular degeneration (AMD), diabetic retinopathy and proliferative vitreoretinopathy (PVR).
In connection with this second close of the Series D financing, Armand Girard, a Vice President at Shire, will join the Board of Directors.
About Promedior
Promedior is a clinical-stage biotechnology company pioneering the development of targeted therapeutics to treat diseases involving fibrosis. Fibrosis is a harmful process that occurs in many diseases, when normal healthy tissue is replaced with excessive scar tissue, compromising function and ultimately leading to organ failure. Promedior’s proprietary platform is based upon Pentraxin-2, a naturally-occurring human protein that is specifically active at the site of tissue damage and works as an agonist, potentially preventing and reversing fibrosis.
By acting as a master regulator upstream in the fibrosis cascade, pentraxin-2 therapeutics harness the innate healing power of the immune system and open up new potential to treat a wide range of systemic fibrotic diseases for which there are no approved therapies. Promedior has successfully advanced lead therapeutic candidates in human clinical trials, and is initially focused on rare fibrotic diseases, including idiopathic pulmonary fibrosis (IPF) and myelofibrosis, and fibrovascular retinal diseases, such as Age Related Macular Degeneration (AMD). Promedior is backed by leading global healthcare venture investors, has a significant intellectual property estate relating to the discoveries and applications of pentraxin-2 therapeutics and is led by an experienced management team.
For additional information about Promedior, please visit http://www.promedior.com.
Promedior Appoints Elizabeth Trehu, M.D., as Chief Medical Officer
MALVERN, PA – October 15, 2012 – Promedior, Inc., a clinical stage biotechnology company developing novel biologic therapeutics for the treatment of fibrosis, today announced the appointment of Elizabeth G. Trehu, M.D., as Chief Medical Officer (CMO). As CMO, Dr. Trehu will oversee all clinical development and regulatory activities for the company, as Promedior rapidly advances its product candidates in human clinical trials for diseases involving fibrosis, including idiopathic pulmonary fibrosis (IPF), myelofibrosis and retinal diseases. Dr. Trehu is a seasoned biopharmaceutical executive with experience moving early stage R&D programs successfully through clinical development and product commercialization. She will report directly to Promedior’s CEO Suzanne Bruhn, Ph.D., and will serve as a member of the company’s executive management team.
“The breadth of Beth’s expertise in developing, advancing and commercializing products for a wide range of indications including rare diseases is an ideal fit for her role with Promedior,” said Suzanne Bruhn, Ph.D., President and Chief Executive Officer of Promedior. “Her proven leadership will be critical to our success as we work to advance our proprietary pipeline in Pentraxin-2 therapeutics through clinical development in fibrotic diseases.”
A veteran of the Boston biotech industry and medical community, Dr. Trehu’s professional career has spanned the corporate biopharmaceutical, academic, and private medical practice worlds. During this time, she led and contributed to numerous clinical programs from IND through sNDA/sBLA/MAA, including programs in myelofibrosis, multiple sclerosis and cancer.
“Promedior’s pentraxin-2 therapeutics have the potential to reverse and prevent fibrosis and restore normal healing by harnessing fundamental immune mechanisms. This novel approach provides an opportunity to offer a first-in-class therapeutic to meet the unmet needs of patients with fibrotic diseases,” said Dr. Trehu. “I look forward to working with the Promedior team to advance our lead compound, PRM-151, and other new development programs.”
Prior to joining Promedior, Dr. Trehu was most recently vice president of product development and medical affairs at Infinity Pharmaceuticals where, starting in 2010, she was integral in the company’s rapid advancement of three clinical programs for product candidates in inflammation and oncology. Prior to Infinity, Dr. Trehu spent four years at Genzyme Corporation, where she began as vice president of oncology global medical affairs and ultimately held the position of vice president and general manager, hematology, with global responsibility for Clolar® (clofarabine), Campath® and Fludara® (fludarabine). From 2002 to 2006, she held positions of increasing responsibility in medical affairs functions at Millennium Pharmaceuticals, principally in support of Velcade® (bortezomib). Dr. Trehu’s career prior to industry included laboratory and clinical research in immunotherapeutics as an assistant professor at Tufts University School of Medicine and several years in priva te practice as a hematologist-oncologist at the Jordan Hospital Club Cancer Center. Dr. Trehu was recognized as a ‘2012 Woman to Watch’ by Mass High Tech. She holds an M.D. from New York University School of Medicine and an A.B. cum laude from Princeton University.
About Promedior
Promedior is a clinical-stage biotechnology company pioneering the development of targeted therapeutics to treat diseases involving fibrosis. Fibrosis is a harmful process that occurs in many diseases, when normal healthy tissue is replaced with excessive scar tissue, compromising function and ultimately leading to organ failure. Promedior’s proprietary platform is based upon Pentraxin-2, a naturally-occurring human protein that is specifically active at the site of tissue damage and works as an agonist, potentially preventing and reversing fibrosis.
By acting as a master regulator upstream in the fibrosis cascade, pentraxin-2 therapeutics harness the innate healing power of the immune system and open up new potential to treat a wide range of systemic fibrotic diseases for which there are no approved therapies. Promedior has successfully advanced lead therapeutic candidates in human clinical trials, and is initially focused on rare fibrotic diseases, including idiopathic pulmonary fibrosis (IPF) and myelofibrosis, and fibrovascular retinal diseases, such as Age Related Macular Degeneration (AMD). Promedior is backed by leading global healthcare venture investors, has a significant intellectual property estate relating to the discoveries and applications of pentraxin-2 therapeutics and is led by an experienced management team.
For additional information about Promedior, please visit http://www.promedior.com
