Singapore-based health sciences VC firm SPRIM Global Investments has led the US$21 million funding round (equity and debt) of Australian biotech firm Prota Therapeutics.
The fresh funding will be used to advance the development of Prota’s peanut allergy remission oral therapy, PRT120, which is being prepared for the phase 3 clinical investigation.
The new investment will advance the chemistry, manufacturing, and controls (CMC), accelerate the path to an investigational new drug application (IND), and expand Prota’s executive management team to bring on board critical expertise in late-stage drug development and commercialisation.
“Our Phase 2b multicenter randomised controlled trial conducted by the Murdoch Children’s Research Institute (MCRI) showed that PRT120 is highly effective at inducing remission of allergy, and more importantly, leads to significant and clinically meaningful improvement in quality of life, compared with standard care (placebo treatment),” said Professor Mimi Tang, Founder of Prota.
Founded in 2016, Prota focuses on developing and commercialising oral immunotherapy treatments for food allergies. Headquartered in Melbourne, the company owns intellectual property that includes the food immunotherapy technology developed at the MCRI.
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Prota is partially funded by OneVentures’s Healthcare Fund III, which received support from the Australian Commonwealth Government through the BioMedical Translation Fund initiative.
According to a report cited by Prota, the peanut allergy therapeutics market is projected to reach US$1 billion by 2030, growing at a compound annual rate of 10 per cent, partly due to the increasing incidence of peanut allergy globally. In the US, peanut allergy is the most prevalent food allergy in children, affecting 2.5 per cent of children.
SPRIM Global Investments in biotechnology, digital health and R&D service companies to commercialise the newest technologies and accelerate innovations that are the future of health around the world
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