PROTA Therapeutics Pty Ltd (Prota), an Australian biotechnology company, has raised US$21 million (A$31.97m) to support the clinical development and commercialisation of its treatment for peanut allergy in children.
The round, led by Singapore-based SPRIM Global Investments, will help the company prepare for a Phase 3 clinical investigation of the company's PRT120 oral therapy for peanut allergy.
"SPRIM brings valuable expertise, capabilities and an international investment network to Prota's technology and clinical program," commented Prota Executive Chairman Kelly Constable.
"This partnership and funding will accelerate Prota's drug development plans and clinical trial program, and we look forward to this strategic collaboration as Prota moves toward its Phase 3 trial."
Dr Paul Kelly, founding partner and director, OneVentures, an Australian venture capital firm with more than A$800 million under management added, "closing financing in the current market validates the potential of Prof Mimi Tang's technology to deliver meaningful outcomes for patients with peanut allergy, where there is a persistent unmet need".
The new investment will advance the chemistry, manufacturing, and controls, accelerate the path to an Investigational New Drug Application, and expand Prota's executive management team to bring on board critical expertise in late-stage drug development.
The peanut allergy therapeutics market is projected to reach US$1 billion (A$1.5b) by 2030, growing at a compound annual rate of 10%. JG
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