Belgium-headquartered biotech company Promethera Biosciences has announced the closing of a €39.7 million ($44 million) Series D financing round co-led by new Japanese investors ITOCHU Corporation and Shinsei Capital Partners.
Other investors that joined the round include Japan’s Medipal Holdings Corporation and Ci:z Investment LLP, Korea’s Mirae Asset Capital and Korea Investment Partners, Luxembourg’s Six Snow family office and Belgian private investors, it said in a statement.
The company’s existing investor Mitsui & Co. Global Investment, Inc. (MGI) also participated in the financing.
Promethera Biosciences describes itself as a global innovator in liver therapeutics that aims to bring patients life-saving treatments to reduce the need for liver transplantation. It develops a patented cell technology platform HepaStem, which consists of liver stem cells that are obtained from ethically donated healthy human livers and expanded under cGMP conditions in production.
The company said proceeds from the financing will accelerate the company’s ongoing HepaStem clinical program in ACLF (acute-on-chronic liver failure) and the launch of the company’s first clinical trial in NASH (Nonalcoholic steatohepatitis), a condition that causes inflammation and accumulation of fat and scar tissue in the liver.
In addition, the funding will be used for its manufacturing scale-up, preclinical programs and overall operations of the company and the group.
“The financial support of our new and existing investors, with their expertise in cell therapies and wide Asian and global networks, will greatly help us as we efficiently advance the world’s first cell-based treatment for ACLF and NASH through clinical trials,” said Promethera president and CEO John Tchelingerian.
The new investment comes five years after its last financing round, in which Promethera raised €25.33 million from a number of investors including SFPI-FPIM, the Belgian Federal Holding and Investment Company, and SMS Investments, a Luxemburg-based subsidiary of the German SMS group.