Promethera Biosciences, a Belgian biotechnology company developing Promethera HepaStem, a cell-based therapy for the treatment of in-born errors of metabolism and acquired liver diseases, raised 25,33 million euros.
The major innovation of Promethera HepaStem is based on Heterologous Human Adult Liver Progenitor Cells (HHALPC). It is a potential to treat a wide variety of congenital and acquired liver diseases.
The success of this Series-C fundraising is the result of the completion of the HepaStem phase I/II study, following a Series B fundraising in March 2012 when‚ 17 million in equity was raised. Promethera Biosciences has attracted two new investors in this new round, securing a third capital increase of ‚20.33 million. SFPI-FPIM, the Belgian Federal Holding and Investment Company, and SMS Investments, a Luxemburg based subsidiary office of the German SMS group are the two new investors and joined the historical international one.
In addition, the Walloon region, which has backed the company since its inception, has granted loans and subsidies of 5 million to support the clinical development of HepaStem and the collaborative program with EMD-Millipore.
“We have made substantial progress and obtained significant achievements during the past three years, including the successful completion of our phase I/II clinical trial with Promethera HepaStem in Urea Cycle Disorders and Crigler-Najjar disease. The study provided positive safety and preliminary efficacy data that enabled us to pursue the development of these indications. In addition, we have already obtained the first authorization for the HEP002 study, a phase IIb/III clinical trial in Urea Cycle Disorders,” said Eric Halioua, chief executive officer of Promethera Biosciences.
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