Proteon Adds $12M To B Round

Waltham, MA-based Proteon Therapeutics, which specializes in drug development for kidney and vascular diseases, announced today that it has completed a second closing for its Series B equity financing round. $12 million primarily came from new investors Bessemer Venture Partners and Devon Park Bioventures, raising the total for the round to $50 million.  Vectis Healthcare & Life Sciences Fund, MPM Bio IV NVS Strategic Fund L.P., TVM Capital, Skyline Ventures, Prism VentureWorks, and Intersouth Partners participated in the first closing back in March. At that time, Proteon also inked a deal with Novartis to give the Swiss drug giant the option to acquire the company following successful Phase 2 trials of its leading product, PRT-201, which is intended to help ease surgery for dialysis patients. We’re coming down with a serious case of deja vu over here…

[Updated at 3:00pm to clarify the details of the two separate closings.]

Author: Roxanne Palmer

Roxanne Palmer is interning at Xconomy's Boston office this summer. She is currently pursuing a master's degree in science and medical Journalism at Boston University after graduating from Brown in 2008 with a degree in English. Her thesis was on Herman Melville's Civil War poetry. When not chronicling the ups and downs of Boston's tech industry, Roxanne enjoys drawing, swimming, and birdwatching. Follow her on Twitter at http://twitter.com/roxannedpalmer, or email her at [email protected].