Proteon Therapeutics Raises $19M in Venture Capital Funding.KANSAS CITY Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , Mo. -- Proteon Therapeutics, Inc., a biotechnology company developing therapeutics to dilate dilate /di·late/ (di´lat) to stretch an opening or hollow structure beyond its normal dimensions. di·late v. To make or become wider or larger. human veins and arteries for use in vascular surgery Vascular surgery is a subspecialty of general surgery in which diseases of the vascular system, or arteries and veins, are managed, largely via surgical intervention. The vascular surgeon is trained in the diagnosis and management of diseases affecting all parts of the vascular and angioplasty, announced today that it has raised $19 million in a Series A venture capital round. TVM TVM Time Value of Money (business, finance, economics) TVM Ticket Vending Machine TVM Thanks Very Much (logging abbreviation) TVM Transmission Voie Machine Capital and Skyline Ventures co-led the investment, which also included Prism Venture Partners and Intersouth Partners. As a result of the investment, TVM Capital General Partner Stephen J. Hoffman, Ph.D., M.D.; Skyline Ventures Partner David G. Lowe, Ph.D.; and Prism Venture Partners Principal Brendan O'Leary, Ph.D., have joined the Proteon Therapeutics Board of Directors. "We are looking forward to working with this outstanding group of life sciences investors," said Dr. Nicholas Franano, Proteon president & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The combination of our well developed technology, excellent data and sufficient capital will allow us to grow the company and continue to develop this and other products." The company's lead product, PRT-201, is designed to increase the success rate of vascular access vascular access Clinical medicine The ability to enter the vascular system; the ease with which the vascular system can be entered for administering therapy or obtaining blood for testing surgery in patients needing hemodialysis. The product's unique combination of features is crucial for improving both the immediate and long-term success of hemodialysis access, bypass graft bypass graft Surgery A surrogate blood vessel used to reroute blood; BGs may be synthetic–Dacron, or autologous–vein from the Pt's own leg, to substitute for diseased vessel and angioplasty procedures. "TVM Capital co-led this investment with Skyline because we believe that the mechanism of action of PRT-201 is very clear and we're confident in its chances for success," said Stephen Hoffman of TVM Capital. "We're excited to be working with Proteon to develop this interesting and important product." "This drug is extremely promising, and could be the next big thing in vascular dilation dilation /di·la·tion/ (di-la´shun) 1. the act of dilating or stretching. 2. dilatation. di·la·tion n. 1. ," said David Lowe of Skyline Ventures. "The data collected to date has been quite remarkable. I personally see many cardiovascular drug candidates each year and this is one of the very best opportunities. Skyline was excited to help TVM Capital lead this investment." About Proteon Therapeutics Proteon Therapeutics is a biopharmaceutical company developing PRT-201, a novel human recombinant protein recombinant protein Molecular biology A protein encoded by recombinant DNA or generated from a recombinant gene. See Recombinant pharmacology. that permanently dilates segments of blood vessels Blood vessels Tubular channels for blood transport, of which there are three principal types: arteries, capillaries, and veins. Only the larger arteries and veins in the body bear distinct names. , blocks vasospasm vasospasm /vaso·spasm/ (va´zo-) (vas´o-spazm) angiospasm; spasm of blood vessels, causing vasoconstriction.vasospas´tic va·so·spasm n. , and reduces the formation of vascular scarring. This unique combination of features is crucial for improving both the immediate and long-term success of hemodialysis access, bypass graft and angioplasty procedures. About TVM Capital TVM Capital (formerly Techno Venture Management) was founded in 1983 as one of the first venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] formed in Germany, and an early entrant into the US market in 1986. Since inception TVM has raised over $1.6 billion in six fund generations and has established itself as a leading technology investment group in the United States and Europe. TVM funds have made investments in more than 220 life sciences and information technology companies where innovation, effective management and sound financial backing have enormous impact on company growth. TVM's in-depth knowledge of the U.S. and European environments helps companies create businesses that enjoy access to science, management talent, distribution channels and capital on both sides of the Atlantic. More than 40 companies have gone public at European or US stock exchanges. Today, TVM Capital is actively invested in more than 60 companies. Visit www.tvm-capital.com for more information. About Skyline Ventures Skyline Ventures, formed in 1997 and located in Palo Alto CA, is a nationally-known venture capital firm that specializes in investing in outstanding product-focused healthcare companies. Our areas of expertise include small molecule and protein therapeutics; medical devices; diagnostics; and technologies that facilitate drug discovery and life science research. We are known for the value we offer our companies, as board members and shareholders, and we are also fundamental and extremely patient investors. In 2005, we raised Skyline IV, which has $200 million in committed capital, and we have approximately $450 million under management. See www.skylineventures.com for more information. About Prism Venture Partners Founded in 1996, Prism Venture Partners (Westwood, MA) is a venture capital firm built by experienced entrepreneurs in technology and life sciences. With approximately $1.25 billion in capital under management across five funds, Prism's primary goal is to deliver superior value to its investors. Its partners have served as the founders, CEOs and senior executives of numerous venture-backed companies. By leveraging its network of seasoned entrepreneurs, skilled executives and long-time industry contacts, Prism identifies and works closely with companies with the potential to be market leaders. For more information, visit www.prismventure.com. About Intersouth Partners Located in Durham, North Carolina Durham is a city in the U.S. state of North Carolina. It is the county seat of Durham CountyGR6 and is the fourth-largest city in the state by population. and Reston, Virginia, Intersouth Partners is one of the largest and most experienced early stage venture funds in the Southeast, having invested in more than 75 private companies. Founded in 1985, Intersouth Partners manages more than $500 million in six venture capital limited partnerships, focused on the technology and life sciences sectors. Visit www.intersouth.com for more information. |
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