Sanofi Genzyme Bioventures announced to financing deals today (Sept 8 – 2015), as it contributed to the financing of Proteostasis Therapeutics, a Series B mezzanine round of $37m to the company developing a cystic fibrosis drug for the orphan disease. The financing in the Cambridge, MA based company was led by Cormorant Asset Management and also included Rock Springs Capital Management. Existing investors New Enterprise Associates, Elan Science One, HealthCare Ventures, Fidelity Biosciences, Novartis Bioventures, Novartis Venture Fund, and Sanofi Genzyme BioVentures also participated in the financing.
“We are very pleased that we were able to attract such a strong investor group to our company at this important time in our development and we welcome the new investors to our existing group of top-tier investors,” said Meenu Chhabra, PTI’s President and Chief Executive Officer. “As we advance our programs into clinical development, PTI is in a strong position to improve upon present treatments for patients with cystic fibrosis. We are confident that we will continue to build on our promising preclinical results to advance our lead product in to the clinic.”
This investment by Sanofi Genzyme Bioventures followed a further investment in a development partner, Selecta Biosciences (here).