Protego Biopharma announced that it has completed an oversubscribed $130 million Series B financing to study its AL amyloidosis drug.
The clinical-stage biotech company develops small molecule therapeutics to reprogram protein folding in systemic amyloid diseases and similar disorders. The financing will help advance its lead candidate, PROT-001, which treats AL amyloidosis, a rare and often fatal condition that occurs when protein misfolding leads to damage of organs like the heart. The orally bioavailable small molecule kinetic stabilizer of lambda light chains targets the cause of the disease rather than treating the symptoms.
Financing was led by Novartis Venture Fund and Forbion along new participation this round from Omega Funds, Droia Ventures, YK Bioventures, and Digitalis Ventures. Protego has also received backing from several investors that have participated in past: Vida Ventures, MPM BioImpact, Lightspeed Venture Partners, and Scripps Research.