UCL spinout Promethera Biosciences has received $11.3m in series D funding from Itochu and $16.6m in a convertible debt round backed by Sosei.
Conglomerate Itochu has agreed to provide €10m ($11.3m) in capital as anchor investor in a series D round being raised by Promethera Biosciences, a Belgium-based liver disease therapy spinout of Université catholique de Louvain.
The company disclosed the investment alongside $16.6m in convertible bond financing from investors including biopharmaceutical company Sosei Group, Beyond Next Ventures, CMBCC Co-High Medical Investment Fund and various individuals.
Promethera focuses on the development of cell-based therapies for acute and chronic liver diseases. Its lead program, HepaStem, uses liver-derived cells obtained from healthy donated organs to combat systemic liver inflammation and progressive fibrosis.
The series D round is expected to close in the first quarter of this year but the company has not disclosed a target for the close.
In April 2018, Promethera landed $11.5m in convertible bond financing from investors including packaging system manufacturer Shibuya Corporation and Shinsei Corporate Investment,…
