Nicholas Franano, M.D., and William P. Whitaker, Esq., Announce the Closing of an Initial Round of Financing

LENEXA, Kan.--(BUSINESS WIRE)--

Nicholas Franano, M.D., and William P. Whitaker, Esq., the founders of Proteon Therapeutics, Inc. (“Proteon”) announced today that they have launched Novita Therapeutics, LLC (“Novita”), a new biopharmaceutical and medical device firm located in Lenexa, Kansas. Both founders will continue to contribute to Proteon through consulting relationships, and Dr. Franano will remain on Proteon’s Board of Directors. “After eight years at Proteon and given that the company is now well financed and has moved its lead drug candidate into phase 1/2 human clinical trials, Bill and I felt that the time was right to start out on a new path,” said Franano.

Novita also announced the closing of its first round of financing from angel investors. “We are grateful to have the support of these investors and also the support of the Kansas Technology Enterprise Corporation (KTEC) which made angel tax credits available to Novita’s investors,” said Whitaker. “We will work diligently to see that their confidence in this new venture is rewarded.” According to Kevin Carr, KTEC interim President and CEO, “KTEC was pleased to offer Novita Therapeutics Kansas Angel Tax Credits. This venture aligns with KTEC's mission of promoting innovation-oriented businesses in the state of Kansas."

About Novita Therapeutics

Novita Therapeutics, LLC is a privately held biopharmaceutical and medical device company headquartered in Lenexa, Kansas. For additional information, please visit www.novitatherapeutics.com.

Novita Therapeutics, LLC
PRESS CONTACT:
Michael Kanaley, 816-994-9644
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or
COMPANY CONTACT:
William P. Whitaker, Esq., 913-440-4439
Vice President Finance and General Counsel
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Source: Novita Therapeutics, LLC