US biopharma firm ProNAi lands $60M in Series D funding to fight lymphoma
ProNAi Therapeutics, a company that develops drugs to treat cancer, has closed its Series D funding at $60 million. Vivo Capital was the lead investor in the said round, according to Med City News.
New investors who participated in the financing include Frazier Healthcare Ventures, OrbiMed Advisors, RA Capital Management, Caxton Alternative Management, Adams Street Partners and other firms. Previous investors Capital Midwest Fund, Apjohn Ventures Fund, Grand Angels, and Amherst Fund also contributed to the round, the report detailed.
The biopharma firm will use the new capital to fund the Phase 2 clinical trials of its anti-cancer drugs. The company aims to develop a treatment for recurrent non hodgkins lymphoma, follicular lymphoma, B-cell lymphoma, and Richter's transformation. ProNAi has developed a kind of technology that interferes with the DNA to kill cancer cells, the report explained.
Aside from the clinical trials, the capital infusion will also be used to fund drug manufacturing and advance development of its candidates for the preclinical drug, Med City News reported.