UCL spinout Promethera Biosciences has increased its series D round to $44.4m with a $33.1m Mitsui and Medipal-backed extension, adding to Itochu’s initial investment earlier this year.
Promethera Biosciences, a Belgium-based liver disease therapy spinout of Université catholique de Louvain, closed its series D round at €39.7m ($44.4m) yesterday following a $33.1m extension that included corporates Mitsui and Medipal Holdings.
Diversified conglomerate Mitsui and medical supplies producer Medipal Holdings were joined in the second tranche by financial services firm Mirae Asset Capital, Six Snow, Korea Investment Partners and Ci:z Investment, potentially a vehicle for cosmetics producer Ci:z Holdings.
Trading group Itochu anchored the round with a $11.1m investment in January 2019, announced alongside $16.6m in convertible bond financing from investors including biopharmaceutical company Sosei Group, Beyond Next Ventures and CMBCC Co-High Medical Investment Fund.
Promethera is developing therapies that will use liver-derived cells obtained from healthy donated organs to treat acute and chronic liver diseases including systemic liver inflammation and progressive fibrosis.
The funding will be used to further develop the company’s…
