Promedior Opens New Office and Laboratories in Lexington, Mass.
—Company Relocated from Philadelphia Area to Boston Biotechnology Hub—
LEXINGTON, Mass., December 17, 2012 —
Promedior, Inc., a clinical stage biotechnology company developing novel biologic therapeutics for the treatment of fibrosis, today announced the opening its new office and laboratory space at 101 Hartwell Avenue, Lexington, Massachusetts.
Consolidating all of its operations, the new facility will serve as the company's headquarters and completes the corporate move from the suburbs of Philadelphia, Pennsylvania. Promedior's new facility includes state-of-the-art laboratories to support product development and commercialization of the company's novel Pentraxin-2 therapeutics to treat fibrosis, including a number of rare diseases such as idiopathic pulmonary fibrosis (IPF) and myelofibrosis.
"We were attracted to the unique resources of the Massachusetts life sciences industry, which includes the full complement of world class companies involved in drug development along with highly innovative government initiatives that support biotechnology companies," said Suzanne L. Bruhn, Ph.D., President and Chief Executive Officer of Promedior. "Our new facility in Massachusetts positions us to expand our capabilities and accelerate our products forward, as we attract a highly-skilled team to develop and commercialize breakthrough therapeutics to treat fibrotic diseases for which there are few, if any, treatment options for patients."
"Governor Patrick and I are excited to welcome Promedior to the vibrant Massachusetts biotechnology cluster," said Massachusetts Lieutenant Governor Timothy Murray. "We are strongly committed to creating jobs and growing our innovation economy. With the development of new drugs at a pivotal stage in clinical testing, Promedior is a great example of a thriving company we aim to nurture and attract here in Massachusetts."
Promedior's pipeline of therapeutics for fibrosis includes drug development programs targeted at rare diseases. The company joins more than 50 biotechnology companies located in New England that have commercial drugs or drug development programs for rare diseases.
"On behalf of the Massachusetts Life Sciences Center, I would like to welcome Dr. Bruhn and her Promedior team to Massachusetts," said Susan Windham-Bannister, Ph.D., President and Chief Executive Officer of the Massachusetts Life Sciences Center, the agency charged with implementing Governor Patrick's 10-year, $1-billion Life Sciences Initiative. "We are excited about Promedior's work to develop new therapies for the treatment of diseases involving fibrosis. In addition, given the Center's commitment to diversity and inclusion in the life sciences, we are especially pleased that Dr. Bruhn joins the growing community of talented women that are leading life sciences companies in the Massachusetts."
"Promedior exemplifies a growing trend in the Massachusetts life sciences industry to develop innovative drugs for rare diseases," said Robert K. Coughlin, President and CEO of MassBio, a biotechnology trade association representing 600+ member organizations. "Massachusetts has one of the highest concentrations of companies with a track record of success focused on meeting unmet medical needs for rare diseases."
Promedior's growth plans in 2013 include advancing a clinical program in myelofibrosis and moving forward with a program in ocular disease, which build upon the company's accomplishments in 2012:
Promedior has advanced its clinical programs significantly, notably having recently completed a Phase 1b clinical study of its lead product candidate, PRM-151, in idiopathic pulmonary fibrosis (IPF) patients. IPF is a serious, life-limiting lung disease characterized by fibrosis and scarring of the lung tissue. There is no curative therapy for IPF, and the only treatment that results in significant improvement is lung transplant. In 2012, Promedior was granted Orphan Drug Designation for PRM-151 in IPF by the FDA in the United States and by the European Commission in Europe.
In 2012, Promedior raised $24.5 million in equity funding, positioning the company to accelerate its clinical trials, including the initiation of a clinical study of PRM-151 to treat myelofibrosis in the first half of 2013. This financing brings the total funds raised by Promedior to $65 million and includes an investment from the strategic investment group of Shire, a leader in commercialization of therapeutics for rare and life-threatening diseases.
Promedior is a clinical-stage biotechnology company pioneering the development of targeted therapeutics to treat diseases involving fibrosis. Fibrosis is a harmful process that occurs in many diseases, when normal healthy tissue is replaced with excessive scar tissue, compromising function and ultimately leading to organ failure. Promedior's proprietary platform is based upon Pentraxin-2, a naturally-occurring human protein that is specifically active at the site of tissue damage and works as an agonist, potentially preventing and reversing fibrosis.
By acting as a master regulator upstream in the fibrosis cascade, Pentraxin-2 therapeutics harness the innate healing power of the immune system and open up new potential to treat a wide range of systemic fibrotic diseases for which there are no approved therapies. Promedior has successfully advanced lead therapeutic candidates in human clinical trials, and is initially focused on rare fibrotic diseases, including idiopathic pulmonary fibrosis (IPF) and myelofibrosis, and fibrovascular retinal diseases, such as Age Related Macular Degeneration (AMD). Promedior is backed by leading global healthcare venture investors, has a significant intellectual property estate relating to the discoveries and applications of Pentraxin-2 therapeutics and is led by an experienced management team. For additional information about Promedior, please visit
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