September 16, 2009
VC Firms, Flagship Venture Partners, Polaris Venture Partners, and Highland Capital Partners Invest $17 Million in Third Round of Funding for Pervasis Therapeutics
Based in Cambridge, Massachusetts, biologically active pharmaceuticals manufacturer, Pervasis Therapeutics announced today that it has just closed $17 million in a third round of funding from its existing investors. The company’s investors include Flagship Venture Partners, Polaris Venture Partners, and Highland Capital Partners.
Pervasis Ptherapeutics is a company that clinically tests and develops a wide range of clinical biologically active pharmaceuticals and therapies. Currently, Pervasis is working on some groundbreaking therapies that involves endothelium and how it works to naturally heal disease. Furthermore, the team of scientists at Pervasis Therapeutics have also made some discoveries that can highly improve the results of some common vascular interventions, such as angioplasties, stents, and both peripheral and coronary bypasses. Endothelium can curtail failures that can occur in some cases with the current procedures, and these failures can cause serious health complications and a dramatic increase in medical costs. Furthermore, Pervasis’s most advanced drug, Vascugel, has proven to be both safe and proof of concept in two Phase 2 clinical trials, when it was tested on patients who underwent arteriovenous treatments.
Vascugel is the newest development by Pervasis, which involves tissue engineered allogenic endothelium, which has effects that are currently being studied on how it can benefit patients with severe renal disease and are undergoing arteriovenous procedures.
Other than the above mentioned investors, other investors also participated in this current round of funding. Some of these other investors include the Richter Family Fund, which is funding Pervasis for the first time. Furthermore, on the heals of this funding round, Pervasis Therapeutics also announced that several new people will join the company’s board of directors. One of these people who is joining the board of directors is Dr. Yoram Richter, PhD., who is the Vice President of Research and Development at BIOrest, Ltd.
According to Dr. Richter, the proprietary endothelial technology that Pervasis Therapeutics provides creates a new platform that physicians can use to treat patients with vascular diseases. Furthermore, this new product platform also has the potential to treat ailments and diseases which are outside of the cardiovascular realm.
According to the president and CEO of Pervasis Therapeutics, Frederic Chereau; the team at Pervasis is very happy that both the company’s existing and new investors has chosen to go ahead with this new round of funding. Their investments are a confidence vote in the company and is testament to the fact that the products that Pervasis has the potential to revolutionize the medical and healthcare industry. Mr. Chereau also welcomed the appointment of Dr. Richter to the company’s board of directors. Dr. Richter will be an invaluable asset to Pervasis, because on his extensive knowledge in the field of medical devices and cardiovascular care.
Founded in 2000, Flagship Venture Partners is a vc firm that believes in building innovative companies. The vc firm primarily invests in early stage companies who are in the therapeutics and life sciences industries. Currently, Flagship has over $600 million under its management. Some other companies in Flagship’s portfolio include Selecta, Bind Biosciences, Alvine Pharmaceuticals, GCI Pharmaceuticals, and others.
Founded in 1996, Polaris Venture Partners is a vc firm that invests in all stages of a company’s life. Polaris Venture Partners primarily invests in companies who are in the healthcare, media, communications, business services, and tech industries. Currently Polaris has over $3 billion under its management and has invested in over 90 companies since its inception. Some other companies in Polaris’s portfolio include 1366 Technologies, Aepona, Apnex Medical, Art.com, and others.
Founded in 1988, Highland Capital Partners is a vc firm that primarily invests in seed, early, and growth stage companies who are in the consumer, healthcare, IT, and internet & digital media industries. Currently, Highland has a series of different funds under its management which total to a sum of over $2.7 billion. Some other companies in Highland’s portfolio include Castor & Pullex Pet Works, City Sports, Life Gear, Mix 1, AccentCare, Codon Devices, and others.
For more information about Pervasis Therapeutics, click here.