Proteon
Therapeutics, Inc. has been selected as a 2010
Technology Pioneer by the World
Economic Forum, a Geneva, Switzerland-based independent organization
committed to improving the state of the world. The award will be
presented at the World Economic Forum’s annual meeting in Davos,
Switzerland.
According to the World Economic Forum, the Technology Pioneers represent
the most innovative start-ups from around the globe that will have a
critical impact on the future of business and society. To be selected as
a Technology Pioneer, a company must be involved in the development of a
life-changing technology innovation and have the potential for long-term
impact on business and society. In addition, it must demonstrate
visionary leadership and show all the signs of a long-standing and
sustainable market leader.
Proteon’s designation as a Technology Pioneer is based on its
development of a recombinant human protein, PRT-201, which has been
shown in non-clinical models to rapidly and persistently dilate
localized segments of blood vessels without leaving a permanent implant
behind. If successful in human clinical trials, PRT-201 has the
potential to improve care and quality of life for patients with chronic
kidney and vascular disease. No other currently available drugs or drug
candidates can persistently dilate arteries and veins, and there are
currently no approved drug therapies to improve outcomes of vascular
access surgery. PRT-201 also could reduce healthcare costs for this
patient population by minimizing the need for corrective surgical
procedures and hospitalizations.
Proteon was nominated for the award by one of its largest investors, TVM
Capital, a global venture and growth capital firm headquartered in
Munich, Germany and an investor in Proteon since its Series A financing.
“Proteon exemplifies the type of innovative company that TVM Capital
seeks in its pursuit of promising investment opportunities that have the
potential for global impact,” said Dr. Hubert Birner, General Partner of
TVM Capital and Proteon board member. “We identified Proteon’s unique
breakthrough technology back in 2006 and are proud to have sponsored
Proteon’s application to this year’s World Economic Forum Technology
Pioneers program.”
“The entire Proteon team is honored to be recognized by the World
Economic Forum, alongside a select group of impressive companies
throughout the world, as a 2010 Technology Pioneer,” said Timothy P.
Noyes, President and CEO of Proteon. “This award is the culmination of
years of dedication by our employees and investors, resulting in the
initiation of two Phase 1/2 human clinical trials for our lead product,
PRT-201, the closure of a $50 million Series B financing and a landmark
agreement with Novartis
in 2009.”
In addition to TVM Capital, Proteon’s venture investors include MPM
Bio IV NVS Strategic Fund, L.P., Skyline
Ventures, Prism
VentureWorks, Intersouth
Partners, Bessemer
Venture Partners, Devon
Park Bioventures and the Vectis Healthcare & Life Sciences Fund.
About PRT-201
PRT-201 is a recombinant human elastase that is being studied for its
ability to improve arteriovenous fistula (AVF) surgery outcomes in
patients requiring chronic hemodialysis. PRT-201 has been shown to cause
dilation of segments of arteries and veins following topical
intraoperative application in preclinical models. Vessel dilation and
increased blood flow through the fistula may decrease AVF maturation
failure rates. Improved maturation rates may lead to fewer corrective
surgical procedures, fewer hospitalizations, lower costs and less
suffering for dialysis patients. PRT-201 is also being studied for its
ability to prolong the patency of arteriovenous grafts (AVGs). The
development program to investigate PRT-201 for improving vascular access
has been designated a fast track program by the FDA. PRT-201 has also
received orphan drug designation from FDA for the prevention of AVF
maturation failure and AVG failure in patients with end-stage renal
disease who are on or preparing for hemodialysis.
About Proteon Therapeutics
Proteon Therapeutics, Inc. is a privately held biopharmaceutical company
developing novel, first-in-class pharmaceuticals to address the critical
medical needs of patients with kidney and vascular diseases. The company
is headquartered in Waltham, Mass., and has research facilities in
Kansas City, Mo. For additional information, please visit www.proteontherapeutics.com.
Proteon Therapeutics
Timothy Noyes, 781-890-0102
President/CEO
tnoyes@proteontherapeutics.com
or
PRESS
CONTACT:
Global Prairie
Elizabeth Carttar, 816-994-9824
elizabeth.carttar@global-prairie.com