P&E Directions has joined existing investor Mitsui in a $12.4m round that increased the immunotherapy developer's total funding to more than $37m.
US-based drug developer Napajen Pharma has completed a $12.4m series C round that included existing investor Mitsui & Co Global Investment, a corporate venturing vehicle for diversified conglomerate Mitsui.
Management consultancy firm P&E Directions also took part in the round, which was led by the state-backed Innovation Network Corporation of Japan (INCJ).
Founded in 2004, Napajen is developing immuno-therapeutics to help treat immune-related conditions such as autoimmune diseases, cancer, transplantation and vaccines.
The funding will be used to complete the phase 1 clinical trials for its lead product candidate, an immunosuppressive drug called NJA-730, which began in Australia in 2018.
The company has now raised almost $38m to date, closing a $1m series B-1 investment from unnamed investors in May 2018.
Napajen had previously secured $14.5m in a 2016 series B round led by INCJ and backed by Mitsui & Co Global Investment and Nissay Capital, the venture capital arm of insurer Nippon Life. It also raised $10m in series A-1 funding from Mitsui and INCJ in 2014.
