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Proteon Therapeutics (NASDAQ: PRTO) is developing PRT-201, a locally-acting recombinant human elastase that fragments elastin fibers in blood vessel walls and has been shown in Phase II trials to improve the function and durability of arteriovenous fistulas (AVFs), the optimal form of vascular access for hemodialysis patients. The Phase 3 clinical program will begin in 2014 for this orphan drug.