Proteostasis raises $45 million
This article was originally published in Scrip
Executive Summary
Proteostasis Therapeutics, a US-based drug discovery company, has raised $45 million in a series A financing round to develop proteostasis regulator drugs as novel therapies for multiple genetic and degenerative disorders associated with protein homeostasis deficiencies. The funding will be used for conditions such as emphysema, type 2 diabetes, Alzheimer's disease and Huntington's disease. Proteostasis secured initial funding more than a year ago. This series A round is designed to support the company's strategy to advance proprietary compounds into the clinic, Dr Christopher Mirabelli, managing director of HealthCare Ventures and chairman of Proteostasis' board of directors, said. The financing was led by HealthCare Ventures, Fidelity Biosciences, New Enterprise Associates, Novartis Option Fund and Genzyme Ventures. Proteostasis has also appointed Dr Stephen Knight, managing partner of Fidelity Biosciences, Dr James Barrett, general partner at New Enterprise Associates, Dr Lauren Silverman, managing director of Novartis Option Fund, and Dr Alan Walts, managing director of Genzyme Ventures, to its board of directors.