New York, May 31 - Proteolix, Inc. said it completed a $45 million series B financing.
Delphi Ventures was the lead investor and the round also included participation from series A investors U.S. Venture Partners, Advanced Technology Ventures, Latterell Venture Partners and The Vertical Group.
Deepa Pakianathan, a partner of Delphi Ventures has joined the board of directors.
Proteolix said it will use the proceeds to expand its ongoing clinical trials of the novel proteasome inhibitor PR-171 in cancer and to support the development of its pipeline.
PR-171 is currently being evaluated in two on-going multi-site phase 1 clinical trials in patients with multiple myeloma and lymphoma.
The company said it has now raised $63 million in two financings over the past three years.
"With our progress in clinical trials, solid financial position, quality management team and a top-tier group of investors supporting the company, we hope to make great strides in developing improved therapeutics with which to treat devastating cancers such as multiple myeloma and lymphoma," said Susan Molineaux, president and chief executive officer, in a news release.
Proteolix is a South San Francisco, Calif., biopharmaceutical company working on products that target the proteasome and the control of protein turnover in cells.
| Issuer: | Proteolix, Inc.
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| Issue: | Series B financing
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| Amount: | $45 million
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| Investors: | Delphi Ventures (lead); U.S. Venture Partners; Advanced Technology Ventures; Latterell Venture Partners; The Vertical Group
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| Announcement date: | May 31
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