Protagonist raises $18m series B
This article was originally published in Scrip
Menlo Park, California-based Protagonist Therapeutics has raised a total of $18m in a series B financing round, having just received $4m from new investor Pharmastandard International.
Protagonist CEO Dinesh Patel told Scrip the company plans to use the proceeds to fund one of its internal oral peptide therapeutics for inflammatory bowel diseases through preclinical development up to first dosing in humans. The $18m will also be used to strengthen the company's oral peptides technology platform to expand its scope to different targets and disease areas besides IBD.
Protagonist originally raised $14m in series B cash in June this year in a financing led by Johnson & Johnson Development Corporation. Series A investors Lilly Ventures and Starfish Ventures also contributed.