Milwaukee-based Promentis Pharmaceuticals Inc. has raised a $26 million Series C funding round.
Promentis, which is developing therapies for central nervous system disorders, will use the financing to move its lead compound, SXC-2023, through Phase 2 clinical proof of concept studies.
According to Promentis, “SXC-2023 is a novel small molecule designed to engage System Xc-, a CNS target addressing glutamatergic dysfunction and oxidative stress, with a compelling profile across a range of pre-clinical studies.”
The Series C round was led by OrbiMed, F-Prime Capital Partners and Aisling Capital. Black Pearl GmbH, individual investors and the Brookfield-based Golden Angel Network, who previously invested in Promentis, also reinvested in the company in this round.
Dr. Klaus Veitinger, a venture partner with OrbiMed, has now been named chief executive officer of Promentis, and Daniel Lawton has been named president. They replace Chad Beyer, who had served as president and CEO before this investment.
Veitinger and Dr. Stephen Squinto have joined the Promentis board as OrbiMed representatives in connection with this most recent funding round. In addition, Dr. Tom Beck, executive partner at F-Prime, is now chief medical officer of Promentis and has been appointed to the board. And Stacey Seltzer has joined the board as a representative of Aisling.
The company previously raised the first portion of this Series C round, nearly $8.8 million, in the fall, which it is using for research and development and general corporate purposes. Promentis raised more than $3.1 million in its Series B round and $1.9 million in a Series A round.
The company was founded in 2007 by Dr. David Baker, a Marquette University professor and associate chair in MU’s Department of Biomedical Sciences, and John Mantsch, the chair of Marquette’s Department of Biomedical Sciences.
The company’s technology was in-licensed by Marquette University and the University of Wisconsin-Milwaukee.
"This Series C funding brings together an exceptional syndicate of investors and expertise and is designed to move the company through Phase 1 clinical trials and to a Phase 2 clinical proof of concept,” Veitinger said. "We are very excited about this program and the further momentum this funding provides.”