Slater invests $250K in ProThera Biologics

YOW-PIN Lim is the founder of ProThera Biologics. The Slater Technology Fund is committing another $250,000 to the biomedical company, bringing Slater’s total investment in ProThera to $950,000.  / PBN FILE PHOTO/TRACY JENKINS
YOW-PIN Lim is the founder of ProThera Biologics. The Slater Technology Fund is committing another $250,000 to the biomedical company, bringing Slater’s total investment in ProThera to $950,000. / PBN FILE PHOTO/TRACY JENKINS

PROVIDENCE – The Slater Technology Fund on Monday announced it is committing another $250,000 to the biomedical company ProThera Biologics, bringing Slater’s total investment in the company to $950,000.
ProThera Biologics, founded in 2001, is developing treatments for life-threatening inflammatory diseases. Slater, an independently chartered economic development fund that provides venture capital for burgeoning companies, said the company has achieved, “several critical milestones,” in the past year, including the addition of Denice M. Spero, as its president and chief business officer, and Richard A. Andrews to chief operating officer. The company also entered into a partnership with Prometic Life Sciences, a biopharmaceutical company focused on bio-separation technology and the manufacturing of plasma-derived therapeutics.

The partnership has helped accelerate ProThera’s progress toward clinical development, according to Slater.
“We now have many of the critical elements in place at ProThera – well validated science, capable management and a highly committed corporate partner,” said Richard G. Horan, senior managing director of Slater, and chairman of the ProThera board. “The company is well positioned for its next critical phase, which will be to advance its therapy into clinical development for treatment of acute inflammatory conditions.”

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