Promethera Biosciences, a specialist in cell therapy and regenerative medicine company targeting liver diseases, has raised EUR10 million (USD11 million) in a Series C-extension financing.
All major existing shareholders including Vesalius Biocapital, SRIW, Fund+, MGI Global Fund (Mitsui & Co), Boehringer Ingelheim Venture Fund and SMS Investments supported this round.
New investors joining the financing round were Mitsubishi UFJ Capital and Cell Innovation Partners (CIP) from Japan and LifeLiver from South Korea.
The proceeds will be used to expand Promethera’s product development focus to include larger liver disease indications such as acute-on-chronic liver failure (ACLF), non-alcoholic steatohepatits (NASH) and fibrosis and to accelerate these developments towards the clinic.
“Today’s financing is an important achievement in our transformation, initiated in 2015, to become a global leader in liver cell therapy. It also underscores the enthusiasm of both our existing syndicate and new investors for the compelling business opportunities the company has to offer across the inherited and acquired liver disease indications,” says Dr John Tchelingerian, CEO of Promethera Biosciences SA.
“We are particularly pleased to have gained additional investors and new shareholders from Asia, where liver diseases represent a huge burden for the healthcare system. The commitment of our new investors Mitsubishi UFJ Capital, CIP and LifeLiver also provides us beyond the financial need with the infrastructure and strategic support to effectively expand our business in these major Asian markets that are today leading the next generation stem cell revolution and related breakthrough cell therapies.”
“With the introduction of a Westernised lifestyle and a higher frequency of obesity in the Asia-Pacific region, the prevalence of liver disease has been increasing over the past two decades. This represents a significant market need and we are very pleased to invest in Promethera as a company that is already well positioned to benefit from this opportunity in the Asian and global markets,” says Muneki Handa, president of Mitsubishi UFJ Capital.
“At LifeLiver we are committed to develop technologies that blend tissue engineering and stem cell approaches,” says Ha Young Kim, CEO at LifeLiver. “While we are advancing our own bio-artificial liver system as a medical device solution for patients with acute liver failure or hepatic disease towards commercialisation, we are delighted to have the opportunity to invest in Promethera’s potentially complementary and next-generation stem cell approach.”
All three new investors joining through the latest financing round are located in Asia, mainly in Tokyo (Japan) and Seoul (South Korea) areas. In total, 13 per cent of Promethera’s shares will be held by its new and existing Asian investors as a result of the deal.
