The following information was provided by Promedior, Inc.
Promedior, Inc., a clinical stage biotechnology company developing novel biologic therapeutics for the treatment of fibrosis, and the Massachusetts Life Sciences Center today announced the opening of Promedior’s new office and laboratory space at 101 Hartwell Avenue.
Consolidating all of its operations, the new facility will serve as the company’s headquarters and completes the corporate move from the suburbs of Philadelphia, Penn. Promedior’s new facility includes state-of-the-art laboratories to support product development and commercialization of the company's novel Pentraxin-2 therapeutics to treat fibrosis, including a number of rare diseases such as idiopathic pulmonary fibrosis (IPF) and myelofibrosis.
“We were attracted to the unique resources of the Massachusetts life sciences industry, which includes the full complement of world class companies involved in drug development along with highly innovative government initiatives that support biotechnology companies,” said Suzanne L. Bruhn, president and chief executive officer of Promedior. “Our new facility in Massachusetts positions us to expand our capabilities and accelerate our products forward, as we attract a highly-skilled team to develop and commercialize breakthrough therapeutics to treat fibrotic diseases for which there are few, if any, treatment options for patients.”
The relocation to 101 Hartwell Ave in Lexington -- a property King Street Properties invested in and which is already occupied by biotech firms T2 Biosystems and Abpro -- has excited state and local officials, and regional biotech concerns, as well.
Said Lt. Gov. Timothy Murray:
Governor Patrick and I are excited to welcome Promedior to the vibrant Massachusetts biotechnology cluster. We are strongly committed to creating jobs and growing our innovation economy. With the development of new drugs at a pivotal stage in clinical testing, Promedior is a great example of a thriving company we aim to nurture and attract here in Massachusetts.
Promedior’s pipeline of therapeutics for fibrosis includes drug development programs targeted at rare diseases. The company joins more than 50 biotechnology companies located in New England that have commercial drugs or drug development programs for rare diseases.
Susan Windham-Bannister, the president and CEO of Massachusetts Life Sciences Center, the agency charged with implementing Governor Patrick’s 10-year, $1-billion Life Sciences Initiativesaid:
On behalf of the Massachusetts Life Sciences Center, I would like to welcome Dr. Bruhn and her Promedior team to Massachusetts. We are excited about Promedior’s work to develop new therapies for the treatment of diseases involving fibrosis. In addition, given the Center’s commitment to diversity and inclusion in the life sciences, we are especially pleased that Dr. Bruhn joins the growing community of talented women that are leading life sciences companies in the Massachusetts.
And this rom Robert K. Coughlin, president and CEO of MassBio, a biotechnology trade association representing 600+ member organizations:
“Promedior exemplifies two characteristics that represent growing trends in the Massachusetts life sciences industry: drug development for rare diseases and company leadership by women executives.Massachusetts has one of the highest concentrations of companies with a track record of success focused on rare diseases.”
Promedior’s growth plans in 2013 include advancing a clinical program in myelofibrosis and moving forward with a program in ocular disease, which build upon the company’s accomplishments in 2012:
- Promedior has advanced its clinical programs significantly, notably having recently completed a Phase 1b clinical study of its lead product candidate, PRM-151, in idiopathic pulmonary fibrosis (IPF) patients. IPF is a serious, life-limiting lung disease characterized by fibrosis and scarring of the lung tissue. There is no curative therapy for IPF, and the only treatment that results in significant improvement is lung transplant. In 2012, Promedior was granted Orphan Drug Designation for PRM-151 in IPF by the FDA in the United States and by the European Commission in Europe.
- In 2012, Promedior raised $24.5 million in equity funding, positioning the company to accelerate its clinical trials, including the initiation of a clinical study of PRM-151 to treat myelofibrosis in the first half of 2013. This financing brings the total funds raised by Promedior to $65 million and includes an investment from the strategic investment group of Shire, a leader in commercialization of therapeutics for rare and life-threatening diseases.
And here's what local officials had to say about Promedior's arrival.
Said Town Manager Carl Valente:
We welcome Promedior, and we're proud that Dr. Bruhn values Lexington as a place to grow Promedior; having served as a Senior Vice President at Shire, her decision to locate here is evidence that Lexington continues to be a strategic location for biotech.
And Melisa Tintoclis, the town's economic development director, said:
Lexington is home to a growing biotech cluster and is an excellent option for biotech businesses that want to be close to a talented workforce and countless opportunities of collaboration within Massachusetts.