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Awaiting Novartis AG Acquisition, Biotech Firm Proteon Therapeutics, Inc. Raises $15.2 Million

8/12/2011 8:04:43 AM

Boston Business Journal - by Rodney Brown ,

Proteon Therapeutics Inc. Proteon Therapeutics Inc. Latest from The Business Journals Novita Therapeutics lands M from Open Prairie VenturesProteon Therapeutics advances drug candidate, sale to NovartisKCNext takes over speaker series featuring Kansas City tech leaders Follow this company , which is slated to be acquired by pharmaceutical giant Novartis AG Novartis AG Latest from The Business Journals Drug shortages threaten cancer trialsMomenta's earnings rise on market grab from SanofiHealth care venture funding up in Ohio Follow this company (NYSE:NVS) pending the success of a clinical study, has drawn a new $15.2 million financing round, federal documents show.

The new funding for the Waltham, Mass.-based biopharmaceutical firm is in exchange for equity and options, according to the filing with the U.S. Securities and Exchange Commission. A total of 19 backers were involved in the round, but not listed by name.

Previous investors in Proteon include Bessemer Venture Partners Bessemer Venture Partners Latest from The Business Journals raises raises raises M to protect online identities Follow this company , Devon Park Bioventures, MPM Bio IV NVS Strategic Fund LP, Vectis Healthcare & Life Sciences Fund, TVM Capital, Skyline Ventures, Prism VentureWorks, Intersouth Partners and several angel investors.

Proteon last brought in investor money in May of 2009, when it added $12 million to its Series B round, boosting that round $50 million, officials said at the time. The first tranche of the Series B was announced in March of 2009, when the company also announced it had entered into the deal with Novartis AG.

Under the agreement’s terms, Novartis got an exclusive option to acquire Proteon after the successful completion of a Phase 2 study of its drug PRT-201. It also has potential secondary rights to a global license under stipulated conditions. Between the acquisition and potential regulatory milestone payments, the deal with Novartis was valued at a potential $550 million.

In April, Proteon bagan enrollment in a Phase 2 clinical study of its lead product, PRT-201, in chronic kidney disease patients undergoing surgery for arteriovenous fistula creation in preparation for hemodialysis. In addition to its headquarters in Waltham, Proteon has research facilities in Kansas City, Mo.

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