August 26, 2008

Proteostasis Raises $45 Million in Series A Financing

Proteostasis Therapeutics has secured $45 million in a series A financing to develop Proteostasis Regulator drugs as novel therapies to treat multiple genetic and degenerative disorders associated with protein homeostasis deficiencies.

Investors included HealthCare Ventures, Fidelity Biosciences, New Enterprise Associates, Novartis Option Fund and Genzyme Ventures.

Christopher Mirabelli, chairman of the board of Proteostasis, said: "The significant series A round is designed to support Proteostasis Therapeutics's strategy to advance proprietary compounds into the clinic, as well as to continue to develop the unique technology platform that will serve as the basis for strategic partnerships."