Promethera Biosciences Secures $44.4M Series D Financing to Advance HepaStem Therapy for Liver Diseases

VCBeat (WeChat Official Account: vcbeat) has learned that Promethera Biosciences SA, a biopharmaceutical company headquartered in Belgium, recently announced the completion of its €39.7 million (approximately $44.4 million) Series D financing round. The round was co-led by Japanese investors Itochu Corporation and Shinsei Capital Partners, with participation from MEDIPAL HOLDINGS CORPORATION (Japan), Mirae Asset Capital (South Korea), Six Snow (Luxembourg), Korea Investment Partners (South Korea), Ci:z Investment LLP (Japan), and existing investor Mitsui & Co. Global Investment, Inc.

Since its establishment in 2009, Promethera Biosciences has completed six rounds of financing, raising approximately $137 million.

It is reported that Promethera will use the funds raised to accelerate clinical research on HepaStem for ACLF (acute-on-chronic liver failure), conduct its first clinical trial for NASH (non-alcoholic steatohepatitis), and further expand the company’s scale.

Currently, liver transplantation remains the only definitive treatment for patients with acute-on-chronic liver failure (ACLF). However, the annual number of liver transplants performed falls far short of the growing demand, and the shortage of donor livers has become one of the major bottlenecks restricting further development in this field. Furthermore, many ACLF patients present with concurrent viral infections or a history of alcohol abuse, which further complicates their clinical management.

Promethera Biosciences is a biopharmaceutical company dedicated to cell therapies for liver diseases, headquartered in Belgium. As a global innovator in the field of liver therapeutics, the company envisions delivering life-saving new treatments to patients, thereby reducing the need for liver transplantation. Its lead candidate, HepaStem, is a stem cell therapy derived from allogeneic adult liver-derived progenitor cells extracted from donor livers. These cells are processed and reconstituted into an injectable product. This therapy holds potential for treating a variety of liver diseases.

Recently, Promethera Biosciences presented the Phase 2a trial results of HepaStem for the treatment of ACLF at the 2019 International Liver Congress (EASL), demonstrating the safety and efficacy of this therapy. In addition to stem cell therapy, Promethera is advancing research on a series of complementary biologics, including the TNF-R1 antibody Atrosimab.

Dr. John Tchelingerian, President and Chief Executive Officer of Promethera Biosciences, stated: “We have effectively advanced the world’s first cell-based therapy for ACLF and NASH through clinical trials. Our NASH clinical trial will soon be launched in Europe, with expected expansion to the United States and Asia. We look forward to HepaStem, our candidate drug, transforming the lives of patients with severe liver disease in the future.”

“Promethera has taken significant steps to strengthen our ties with Asia, as liver disease is a major issue in the region, and companies in Japan and South Korea have a deep understanding of regenerative medicine and cell therapy,” said Mutsuki Takano, the Group’s Chief Financial Officer. “We are currently discussing potential future partnerships with Japanese pharmaceutical companies. This round of financing has significantly expanded our shareholder base in Asia, which will have a substantial impact on our research.”

Itochu Corporation is Japan’s largest general trading company (sogo shosha), with approximately 120 offices in 63 countries and regions worldwide, engaging in trade and investment across a broad spectrum of business sectors. The company has been ranked among the Fortune Global 500 by Fortune magazine.

Korea Investment Partners, established in 1986, is a wholly-owned subsidiary of Korean Investment Holdings and stands as the leading venture capital firm in Asia and the top one in South Korea.

Mitsui & Co. Global Investment, Inc. (formerly Mitsui Venture Capital) is the financial services arm of Mitsui & Co., focusing on investments in companies with strong growth potential. Headquartered in Tokyo, the company maintains offices in Beijing, Shanghai, Silicon Valley, and New York. Centering its investment activities on Japan, the United States, and China, Mitsui & Co. Global Investment conducts cross-border operations on a global scale.

Mirae Asset Capital is the venture capital arm of Mirae Asset Financial Group. Founded in 1997, the firm provides financial advisory and corporate finance services to clients. Additionally, it invests in emerging technology companies, particularly those focused on the internet, multimedia, and biotechnology sectors.

(Compiled by Wang Yue)