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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