Published on September 15, 2009 at 8:46 AM
Alvine Pharmaceuticals, Inc., a privately held biopharmaceutical company focused on developing and commercializing therapeutics for autoimmune/gastrointestinal diseases, today announced the closing of a $21.5 million extension of its Series A financing. New investor Panorama Capital led the financing round, joining founding investors InterWest Partners, Prospect Venture Partners, Sofinnova Ventures, Black River Asset Management and Flagship Ventures.
Proceeds from the Series A extension will fund the Company's recently initiated Phase 2a clinical trial of its lead compound ALV003 for the treatment of celiac disease.
“This funding will support the continued development of ALV003 as an innovative protease therapy for the treatment of celiac disease, and further our goal to be the leading company in this space,” said Abhay Joshi, Ph.D., President and Chief Executive Officer of Alvine. “We are pleased to have the committed support of our existing investors and to welcome our new investor, Panorama Capital, given their history of backing high quality biopharmaceutical companies.”
Concurrent with the closing of the financing, Gaurav Aggarwal, M.D. of Panorama Capital has joined Alvine’s Board of Directors.
“We are very excited to lead this investment in Alvine. It is unusual to find a company that has the combination of Alvine’s scientific expertise, seminal patent portfolio and seasoned management team, all in pursuit of a truly unmet medical need with large commercial potential,” said Dr. Aggarwal. “We are pleased to be able to support Alvine’s work to develop the first pharmaceutical therapy for celiac disease.”
Source: Alvine Pharmaceuticals, Inc.
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Posted in: Drug Trial News
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