Slater Reinvests in ProThera Biologics
Commits Additional $250,000 to Biomedical Company Developing Novel Anti-Inflammatory Drug
Providence, R.I., September 26, 2016 – The Slater Technology Fund today announced that it has committed another $250,000 to ProThera Biologics, a biomedical company developing novel therapies to treat life-threatening diseases. The additional infusion of capital brings the total amount invested by Slater in the company to $950,000.
ProThera Biologics was founded in 2001 to focus on the critical role and commercial potential of Inter-alpha Inhibitor Proteins (IAIP) for treating life-threatening inflammatory diseases. Based on research that originated in the laboratories of the co-founders, Dr. Yow-Pin Lim, M.D., Ph.D., and Douglas C. Hixson, Ph.D., at Lifespan’s Rhode Island Hospital, ProThera Biologics has pioneered the usage of IAIP to fight acute inflammation in severe diseases. Today, the company is focused on moving into the clinic with products to treat systemic, lung and neurological inflammatory diseases.
Over the past year, the company has achieved several critical milestones, including the addition of Denice M. Spero, Ph.D., president and chief business officer, and Richard A. Andrews, chief operating officer, to the management team. ProThera Biologics also entered a strategic partnership with Prometic Life Sciences (TSX: PLI), a biopharmaceutical company with globally recognized expertise in bioseparation technology and the manufacture of plasma-derived therapeutics. ProMetic is a leader in the development of novel high-value therapeutics using its own affinity separation technology, and the partnership has accelerated ProThera’s progress toward clinical development.
“We now have many of the critical elements in place at ProThera — well validated science, capable management, and a highly committed corporate partner,” said Richard G. Horan, senior managing director of the Slater Technology Fund and chairman of the ProThera board. “The company is well positioned for its next critical phase, which will be to advance its therapy into clinical development for treatment of acute inflammatory conditions.”
About Slater Technology Fund
The Slater Technology Fund is an independently chartered economic development fund that operates in accord with best practices of venture capital investing, backing new ventures committed to basing and building businesses in Rhode Island. Leveraging state and federal funding, Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.
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