Promentis closes $26M round and enters clinic; PellePharma gets breakthrough/orphan status; Shire appoints Dittrich as CFO
→ Milwaukee-based Promentis Pharmaceuticals has closed the final tranche of its previously-announced $26 million Series C round. OrbiMed, F-Prime Capital Partners (formerly Fidelity Biosciences) and Aisling Capital led the round. Existing investors, including Black Pearl GmbH, the Golden Angel Network and individual investors, also participated. The biotech’s lead product candidate is SXC-2023 — a small molecule designed to engage System Xc-, a CNS target addressing glutamatergic dysfunction and oxidative stress — for the treatment of obsessive-compulsive and related disorders. The product has entered Phase I trials in patients with trichotillomania, a condition characterized by recurrent hair pulling which leads to noticeable hair loss.
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