Japan-based Innovation Network Corporation led the funding.
PRI-724, which is currently in clinical trials for the treatment of solid tumors and leukemia, is an antiproliferative small molecule that selectively inhibits the CBP/beta-catenin complex, which modulates the beta-catenin dependent pathway of Wnt signaling.
The company is planning to begin a fibrosis clinical trial in the upcoming fall and anticipates obtaining efficacy data from this and additional clinical trials by early 2015.
PRISM Pharma CEO Hiroyuki Kouji said, "Targeting the pathways that control cellular differentiation and proliferation has potential to treat a range of conditions that are driven by cell division, including fibrosis, cancer, and other proliferative diseases."
"We have already made significant strides in studying PRI-724 in oncology, yet many patients suffering from fibrosis-related conditions today can only hope at best to slow the increase of fibrosis. Our Series C will allow us to move PRI-724 into the clinic for fibrosis."
PRISM, which licensed oncology rights to Eisai, has recently released phase one data of the clinical trial of PRI-724 in 18 patients with advanced solid tumors.