Promentis Pharmaceuticals, Inc. Announces $26M Series C Financing and Elects Four New Board Members

Thursday, March 30, 2017 Drug News
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Financing to fund first-in-class psychiatry compound through clinical proof of concept

MILWAUKEE, March 30, 2017 /PRNewswire/ -- Promentis Pharmaceuticals, Inc., a privately-held biopharmaceutical company

focused on the discovery and development of first-in-class therapies to treat central nervous system disorders, today announced it has completed a third round of equity investment totaling $26,000,000.  

The Series C investment is led by OrbiMed, F-Prime Capital Partners (formerly Fidelity Biosciences) and Aisling Capital. Existing investors, including Black Pearl GmbH, the Golden Angel Network and individual investors, also participated in the Series C financing. 

This financing will enable Promentis to advance its lead compound SXC-2023 through Phase 2 clinical proof of concept. SXC-2023 is a novel small molecule designed to engage System Xc-, a CNS target addressing glutamatergic dysfunction and oxidative stress, with a compelling profile across a range of pre-clinical studies. 

The Promentis team is led by Klaus Veitinger, M.D., Ph.D., CEO, Chairman of the Board and OrbiMed Venture Partner. The team also includes Tom Beck, M.D., Chief Medical Officer and Board Member and F-Prime Capital Executive Partner; Daniel Lawton, President and Board Member; and Chad Beyer, Ph.D., Senior VP R&D. Patrick Schwarz-Schütte (Black Pearl GmbH) continues his Board role for the Company.

In connection with the Series C financing, Dr. Klaus Veitinger and Dr. Stephen Squinto have joined the Promentis Board as representatives from OrbiMed; Dr. Beck has joined the Board as a representative from F-Prime Capital; and Ms. Stacey Seltzer has joined the Board as a representative from Aisling Capital.

Dr. Veitinger commented, "This Series C funding brings together an exceptional syndicate of investors and expertise and is designed to move the company through Phase 1 clinical trials and to a Phase 2 clinical proof of concept. We are very excited about this program and the further momentum this funding provides."

With this financing, Promentis has raised a total of more than $31M to date. The company expects this financing should take the company through Phase 2 proof of concept studies.

About Promentis Pharmaceuticals, Inc. Promentis Pharmaceuticals, Inc. is a privately-held biopharmaceutical company focused on the discovery and development of first-in-class therapies to treat central nervous system disorders. The Company's lead compound is being developed to treat a psychiatric indication that, despite representing a common disorder affecting millions of patients, has no FDA-approved treatment and a high level of unmet patient need. Promentis' drug development program is focused on activating a unique target known to restore glutamatergic neurotransmission and imbalances in oxidative stress. In addition, Promentis has obtained an exclusive license from Marquette University and the University of Wisconsin – Milwaukee Research Foundation to certain intellectual property owned by Marquette University and the University of Wisconsin – Milwaukee Research Foundation. For further information, please visit http://www.promentispharma.com.

Forward Looking StatementsCertain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimated" and "intend," among others. These forward-looking statements are based on current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, substantial competition; our ability to continue as a going concern; our need for additional financing; uncertainties of patent protection and litigation; uncertainties with respect to lengthy and expensive clinical trials, that results of earlier studies and trials may not be predictive of future trial results; uncertainties of government or third party payer reimbursement; limited sales and marketing efforts and dependence upon third parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. As with any drug candidates under development, there are significant risks in the development, regulatory approval, and commercialization of new products.

For further information, please contact:Tiberend Strategic Advisors, Inc.  Andrew Mielach amielach@tiberend.com; (212) 375-2694Amy Wheelerawheeler@tiberend.com; (646) 362-5750

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/promentis-pharmaceuticals-inc-announces-26m-series-c-financing-and-elects-four-new-board-members-300431755.html

SOURCE Promentis Pharmaceuticals, Inc.



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