Contacts: Todd Argall
argall@procertus.com
(608) 273-8862
Paul Weiss, Ph.D.
paul@ventureinvestors.com
(608) 441-2710
Proceeds will fund clinical trials to determine whether products can safely help cancer patients avoid side effects from radiation and chemotherapy
MADISON, Wis. — ProCertus BioPharm, a pharmaceutical company developing therapeutics to protect cancer patients from the side effects of radiotherapy and chemotherapy, has closed on an additional $1.7 million round of financing.
Current investors Novartis Venture Fund and Venture Investors led the financing and were joined by the Wisconsin Alumni Research Foundation. Proceeds from the round will be used for clinical trials to determine whether ProCertus’ products safely prevent several negative side effects often suffered by patients undergoing radiation therapy: painful skin burns known as radiodermatitis; alopecia, or hair loss; and oral mucositis, a painful inflammation in the mouth.
“We are very pleased that Novartis Venture Fund, Venture Investors and WARF are providing the additional funding required to conduct these clinical studies with cancer patients. Their participation in this round of funding is an important vote of confidence in the ability of our technology to make the lives of cancer patients better,” said William Fahl, Ph.D., chief scientific officer, chairman and founder of ProCertus.
The company’s technology was developed by Fahl, Minesh Mehta and Arnold Ruoho, all while at the University of Wisconsin School of Medicine and Public Health. The medicines—topical preparations that are applied to skin or inside of the mouth just minutes before cancer therapy and designed to protect cells that will be exposed to chemotherapy and radiation—were patented by WARF and licensed exclusively to ProCertus.
“ProCertus has a novel approach to prevent pain and suffering and reduce potential complications among the majority of cancer radiotherapy patients,” said Paul Weiss, Ph.D., president and CEO of ProCertus and managing director at Venture Investors. “It is our hope that ProCertus technologies will help clinicians manage the side effects of radiation therapy and chemotherapy, improve patient quality of life and in some cases prevent patients from choosing not to have treatment due to the severity of the side effects associated with that therapy.”
ProCertus has already completed two human clinical trials and a third radiodermatitis prevention study is currently enrolling patients at the University of Wisconsin Hospital and Clinics. An additional study focusing on alopecia prevention will be started soon at the H. Lee Moffitt Cancer Center in Tampa, Fla., and another clinical trial is being planned for the prevention of oral mucositis.
About ProCertus BioPharm
ProCertus is an oncology-based pharmaceutical company whose primary mission is to protect cancer patients against the side effects of chemotherapy and radiotherapy. ProCertus has established proof of concept in animal models for its product candidates, DermX, ProDermaCel and OralX — proprietary pharmaceuticals designed to reduce or eliminate the side effects associated with cancer therapy. ProDermaCel will protect cancer patients from chemotherapy- and radiotherapy-induced hair loss; DermX will prevent radiotherapy-induced skin burn; and OralX will protect against chemotherapy- and radiotherapy-induced inflammation of the mouth and throat. The company is located in the University Research Park in Madison. For additional information about the company, visit http://www.procertus.com.
About Novartis Venture Fund
Novartis Venture Fund, established in 1996, currently manages more than $650 million in committed capital. The fund invests in companies that have the potential to change a core therapeutic field or explore new business areas that will be critical to patient care. Its primary interest lies in the development of novel therapeutics and platforms as well as medical devices, diagnostics and delivery systems. The fund invests for financial objectives at all stages, but prefers to invest in the early stages of company development. With eight investment professionals in Basel, Switzerland and Cambridge, Mass., the team has extensive experience in pharmaceutical R&D and venture capital. For additional information about the firm, visit http://www.venturefund.novartis.com.
About Venture Investors
Venture Investors is a venture capital firm with more than $200 million under management. The firm invests in seed and early-stage life science and technology companies in the Mid west, with a primary focus on opportunities that spin out of the region’s leading research universities. Formed in 1982, Venture Investors has offices strategically located next to the country’s third and fourth largest research institutions in Ann Arbor, Mich., and Madison, Wis. For additional information on the firm, visit http://www.ventureinvestors.com.
About WARF
Since its founding in 1925 to manage a UW–Madison discovery that eventually eliminated the childhood disease rickets, WARF has worked with industry to transform university research into products that benefit society. As a private, nonprofit organization, WARF accomplishes its mission of supporting scientific research by patenting and licensing inventions arising from university discoveries. Since making its first grant of $1,200 in 1928, WARF has contributed more than $1 billion to UW–Madison through annual “margin of excellence” grants and other funding.
