Healthcare Industry News: Inflammatory Bowel Disease
News Release - November 9, 2020
Prometheus Biosciences Announces $130 Million Financing to Advance Precision Medicines for the Treatment of Inflammatory Bowel DiseaseNew investors include Eventide, RTW, Perceptive Advisors, Cormorant Capital, Cowen Healthcare Investments and Point72
Proceeds to accelerate clinical development of PRA023, a potential best in class TL1A antibody for IBD, and expansion of Promtheus' 360 platform
SAN DIEGO, Nov. 9, 2020 -- (Healthcare Sales & Marketing Network) -- Prometheus Biosciences, Inc. ("Prometheus") a biotechnology company pioneering a precision medicine approach to the discovery, development, and commercialization of novel therapeutic and companion diagnostic products for the diagnosis and treatment of Inflammatory Bowel Disease (IBD), today announced the completion of a $130 million equity financing led by Eventide Asset Management and RTW Investments, LP. Additional new investors include Perceptive Advisors, Cormorant Capital, Cowen Healthcare Investments, Point72 Asset Management and Irving Investors, with participation from existing investors Ascend Global Investment Fund, Cedars-Sinai Medical Center and Nestlé SA. In connection with the financing, Joy Ghosh, Ph.D. of Eventide Asset Management and Adam Stone of Perceptive Advisors will be joining the Prometheus Board of Directors.
"We are pleased to have the support of such outstanding investors who share our dedication and vision to build the world's leading precision medicine company for IBD," said Mark McKenna, President and CEO of Prometheus. "We are now well-positioned to advance the clinical development of our lead antibody program targeting TL1A-associated IBD and grow our emerging pipeline of precision medicine programs designed to deliver life-changing outcomes for patients."
"The IBD treatment landscape has seen limited innovation to date despite an enormous effort to unlock benefit from traditional therapeutic approaches. Prometheus has the potential to disrupt the space with its precision medicine approach as well as its genotype-phenotype Prometheus 360 drug discovery platform designed to create novel IBD medicines to benefit patients," said Joy Ghosh, Ph.D. of Eventide Asset Management.
About Prometheus Biosciences, Inc.
Prometheus Biosciences, Inc. is a privately held biotechnology company pioneering a precision medicine approach to the discovery, development, and commercialization of novel therapeutic and companion diagnostic products for the treatment and diagnosis of IBD. The company's precision medicine platform, Prometheus 360, combines proprietary bioinformatics discovery methods with one of the world's largest gastrointestinal bioinformatics databases to identify novel therapeutic targets and develop therapeutic candidates to engage those targets. Prometheus is guided by its board of directors, led by Chairman Tachi Yamada, M.D., and a scientific advisory board composed of key opinion leaders in IBD, including Stephan Targan, M.D., William Sandborn, M.D. and Dermot P. McGovern, M.D., Ph.D. In addition, Prometheus has entered into collaborations to develop targeted therapies for IBD.
Prometheus maintains its headquarters in San Diego, CA. For more information about Prometheus, please visit www.prometheusbiosciences.com.
Source: Prometheus Biosciences
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