Thursday, April 18, 2024
HomeFunding WA-based Proniras Secures $4.65Million in Series B Round Funding

[Funding alert] WA-based Proniras Secures $4.65Million in Series B Round Funding

WA-based Proniras secures $4.65Million in series B round funding , marking a significant milestone in its ongoing Series B financing, which aims to secure up to $9 million.

WA-based Proniras secures $4.65Million in series B round funding , marking a significant milestone in its ongoing Series B financing, which aims to secure up to $9 million.

The new Series B funding will be used to support a Phase 1 clinical study of the Company’s lead program PRN-001-01 (tezampanel), a novel modulator of glutaminergic signaling designed to treat patients seeking to recover from opioid addiction and associated conditions.

Read also – CA-based Portal Secures $34Million in Seed Funding

The Series B financing was co-led by funds managed by Accelerator Life Science Partners and ARCH Venture Partners, with participation from both new and existing investors, including Watson Fund, LP, WRF Capital (the investment vehicle for Washington Research Foundation), and other undisclosed investors.

In conjunction with the Series B financing, Proniras has appointed Steven Gillis, Ph.D. as Chairman and Atul Saran as an independent member to the Company’s Board of Directors. Dr. Gillis and Mr. Saran join Thong Q. Le, Senior Managing Director from Accelerator Life Science Partners, on the Proniras Board of Directors.

Read also – FL-based Kore.ai Secures $150Million in Funding

With the insights gained throughout their professional careers, Dr. Gillis and Mr. Saran will positively impact guidance on the Company’s strategic decision-making and product development plans. In addition, their extensive networks in the industry will help Proniras on multiple fronts.

Thong Q. Le, Senior Managing Director of Accelerator Life Science Partners, and CEO of Proniras said, “We are honored to welcome Dr. Steve Gillis as our Chairman and Atul Saran as a new independent director to our Board of Directors, Their wealth of knowledge and industry experience will be instrumental in guiding Proniras through its next phase of growth. We look forward to their leadership and contributions as we continue to advance Proniras through the next stages of product development.”

About Proniras Corporation

Proniras Corporation is a clinical-stage biotechnology developing novel small-molecule
therapeutics for the treatment of substance use and specialty central nervous system disorders. The Company’s lead program PRN-001-01 (tezampanel) is being clinical developed as a treatment option for opioid withdrawal and related disorders of addiction.

Read also – MA-based Inari Secures $103Million Funding

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