Kidney failure biotech Proteon Therapeutics files for a $69 million IPO

Proteon Therapeutics, a biotech developing a recombinant protein for patients undergoing surgery for kidney failure, filed on Tuesday with the SEC to raise up to $69 million in an initial public offering.

Proteon expects its lead product to enter Phase 3 trials in the 1H15, with results expected in 2017. In preparation for hemodialysis, a surgeon must often create an arteriovenous fistula (AVF) to provide vascular access. The company estimates there are 130,000 AVFs created in the US annually, yet these have a greater than 50% failure rate in the first year of placement, and a higher failure rate for radiocephalic AVFs, its initial indication. AVF failure can be restored with a balloon angioplasty, but Proteon claims that surgeons can apply drops of its recombinant human elastase, a type of protein, to prevent complications further on.

Primary shareholders include TVP Capital, Abingworth Bioventures, Prism Venture Partners, Skyline Venture Partners, Deerfield, Pharmstandard, Intersouth, MPM Capital and CEO Timothy Noyes.

Another recombinant protein maker, rEVO Biologics (RBIO), is set to price Tuesday night and begin trading on Wednesday. Two 2014 biotechs focused on kidney failure, Ardelyx (ARDX) and Concert Pharmaceuticals (CNCE), both trade below the IPO price.

The Waltham, MA-based company, which was founded in 2001 and booked n/a in sales for the 12 months ended June 30, 2014, plans to list on the NASDAQ under the symbol PRTO. Proteon Therapeutics initially filed confidentially on June 25, 2014. Stifel and JMP Securities are the joint bookrunners on the deal. No pricing terms were disclosed.