Promentis raises $26M for glutamatergic drug R&D; CARB-X offers up to $48M for fighting drug-resistant bacteria
→ Milwaukee-based Promentis Pharmaceuticals has raised $26 million in a 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 is pushing SXC-2023 — a small molecule designed to engage System Xc-, a CNS target addressing glutamatergic dysfunction and oxidative stress — into Phase II. The biotech has raised a total of $31 million.
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