Moving On From A Botched Novartis AG Deal, Proteon Therapeutics, Inc. Turns To Plan B: IPO
Published: Sep 17, 2014
It wasn’t too long ago that Proteon Therapeutics looked to be a piece of Novartis’ portfolio. That deal flamed out, however, leading the Waltham, MA-based biotech to retrench, find some new investors, and—as the company as just disclosed today—chart a course for Wall Street.
Proteon has unveiled plans to go public, aiming primarily to finance the ongoing clinical development of PRT-201, a drug that’s supposed to boost the success rates of a surgical procedure often used to prepare kidney failure patients for dialysis. The SEC filing isn’t necessarily a surprise—Proteon raised a big $45 million round four months ago and added a few “crossover” investors to its syndicate like Abingworth and Deerfield Management. All told, Proteon has raised more than $120 million in venture cash since its inception in 2006.
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