Funding Used to Advance Clinical Pipeline and Strengthen Product Portfolio
Mont-Saint-Guibert, Belgium, April 10, 2018 – Promethera Biosciences SA a global innovator in cell-based medicines and liver diseases, today announced that it raised EUR 9.3 million (approx. USD 11.5 million) through the issuance of convertible bonds to existing and new investors. Major existing shareholders renewed their commitment and participated in the convertible bonds issued. New investors subscribing the bonds from Japan were Shibuya Corporation and Shinsei Corporate Investment and from Switzerland some high-net-worth individuals (HNWI) linked to Baliopharm. The proceeds will be used to accelerate the progression of Promethera’s clinical pipeline and to continue expanding the company’s research and development activities in addressing liver disease indications with significant unmet medical need such as acute-on-chronic liver failure (ACLF), nonalcoholic steatohepatits (NASH) and fibrosis.
“This investment affirms the importance of finding effective and innovative cures for ACLF and NASH and validates Promethera’s product development strategy. We will use the proceeds to accelerate and broaden our clinical development activities in these programs. Additionally, as demonstrated by our transaction with Baliopharm, we will look in a disciplined matter at ways to strengthen our product portfolio with complementary assets and approaches,” commented John Tchelingerian, PhD, President & CEO of Promethera Biosciences SA.
Promethera separately announced today that it has acquired Baliopharm AG, a Swiss therapeutic antibody developer. The transaction complements Promethera’s pipeline with an innovative antibody drug candidate that specifically binds to the tumor-necrosis factor receptor 1 (TNF-R1). Combining this novel therapeutic strategy with Promethera’s unique liver cell-based therapies could provide improved treatment option for patients suffering from Nonalcoholic steatohepatitis (NASH) and potentially other severe liver diseases.