Berkeley, CA-based Aerovance has closed on a two-tranche, $38 million financing round with some top biotech investors. The developer, which is advancing therapies for respiratory and inflammatory ailments, gets $20 million of that now and qualifies for the remaining $18 million in six months.
Much of that cash will be used to pay for a Phase IIb trial of Aerovant for asthma, efforts to set up a late-stage trial, scale-up of the dry powder spray-drying process and preparation for a long-term toxicology study.
"This significant capital raise at a time of great challenge and uncertainty in the financial markets is an important indication of investor enthusiasm for our lead candidate, Aerovant," says CEO Mark Perry.
ProQuest Investments, a new investor, led the round, which includes existing investors Apax Partners, Clarus Ventures, Alta Partners, Lehman Brothers, NGN Capital and Burrill & Co., as well as new investor BB Biotech Ventures. Since being founded in 2004 Aerovance has raised $92 million in equity financing and $10 million in debt financing.
- check out Aerovance's release