A biotechnology company developing therapeutics for fibrotic diseases has raised $21.5 million in a series D round led by a new investor.
The new investment will help Promedior to broaden and advance its therapeutics pipeline. A phase 2 trial for its lead drug to treat rare systemic fibrotic disease is expected to start in the second half of the year, according to a company statement. Promedior is in the process of expanding the clinical development of its lead drug for rare systemic fibrotic diseases.
The funding will also move along the development of PRM-167 for fibrovascular retinal diseases like age-related macular degeneration and diabetic retinopathy.
The financing was led by Fibrotic Ventures. It also received additional funding from existing venture investors such as Morgenthaler Ventures, HealthCare Ventures, Polaris Venture Partners, Forbion Capital Partners and Easton Capital Investment Group.
The Malvern, Pennsylvania-based company’s lead drug candidate PRM-151 for idiopathic pulmonary fibrosis received orphan drug designation from the U.S. Food and Drug Administration this week. That status is reserved for treatments for rare diseases that affect under 200,000 people or unmet needs such as idiopathic pulmonary fibrosis, a disease that leads to the development of scar tissue in the lungs. Orphan drug status can open up cost-saving options for the clinical trial process such as tax breaks and reduced research and development expenses. It also gives a company market exclusivity for their drug for seven years.
The drug would fill an unmet need, as there are currently no FDA-approved drugs to cure the disease. The drug is also being developed to treat myelofibrosis, a disease in which scar tissue replaces marrow in the bone. PRM-151 is a protein that regulates the cells that control the fibrotic process.
Dominick Colangelo, the CEO of Promedior, said in a statement: “This designation positions Promedior to continue the rapid development of PRM-151 for the treatment of rare systemic fibrotic diseases, which represent many of the greatest unmet needs in medicine today.”
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
PRM-151 currently is being tested in a phase 1b clinical study in IPF patients.
