Aerovance has closed a $32 million second tranche of its $60 million round of venture funds. Much of that money will be used to advance the asthma drug Aerovant into Phase IIb, scheduled to begin later this year. Aerovance said in a statement that it is looking for a strategic partner on Aerovant. The company's investors include Apax Partners, Clarus Ventures, Alta Partners, Lehman Brothers, NGN Capital and Burrill & Co.
"With the Phase IIa data for our cystic fibrosis drug, Aerolytic, anticipated this summer, our pipeline is strong, enabling us to continue to build the long-term value of Aerovance," said Mark Perry, Aerovance's president and CEO.
- read the release on the venture round
ALSO: Axial Biotech announced today that it has raised $15.3 million in Series B financing. This funding round, which will be split into two tranches, was led by new investor Johnson & Johnson Development Corporation with participation by existing investors vSpring Capital and Ohio Biotech Group. Release
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