Malvern, Montgomery County-based Promedior Inc. is gaining significant momentum in its efforts to develop novel therapies to treat inflammatory and fibrotic diseases. The company, founded in 2006, announced this week that it has raised $12 million in a Series C financing round, bringing its total capital raised in the last year to $27 million.

The latest round will help Promedior accelerate development of its pipeline and expand the clinical development program for its lead drug candidate, PRM-151, into Phase 2 clinical trials. PRM-151 is a recombinant human protein that has demonstrated a strong safety profile and preclinical efficacy and is being developed to treat the most severe and hard-to-treat fibrotic and inflammatory ailments of the eye, kidney and lung. Recently, Promedior successfully completed a Phase 1 Clinical study of PRM-151.

“The new financing will allow us to generate initial Phase 2 clinical data for PRM-151 in several therapeutic indications,” says Promedior president and CEO Dominick Colangelo.

Among the recent investors are Morgenthaler Ventures, HealthCare Ventures, Polaris Venture Partners and Easton Capital. Forbion Capital, a Dutch VC firm, led the round, and its drug development experience, regulatory expertise and European network will help Promedior pursue a global drug development strategy.
In November, Promedior had results of preclinical studies of a potential fibrosis inhibitor published in an issue of Science Translational Medicine.

Source: Dominick Colangelo, Promedior
Writer: Joe Petrucci