Boston-based Alnara Pharmaceuticals has garnered $20 million in its first round of venture capital financing. Frazier Healthcare Ventures and Third Rock Ventures led the round, with participation from Bessemer Venture Partners. Alnara is developing non-systemic protein therapeutics for the treatment of metabolic and inflammatory diseases. The company said proceeds from the round would be used to accelerate the development of its therapeutics, though it didn't specify a particular program. Alnara also announced that Alexey Margolin, Ph.D., has been named CEO.

"Alnara's board and investor syndicate have been involved as founding advisors and investors in leading biotech and pharmaceutical companies such as Alnylam, Cerexa, Sirtris and Tularik, and we believe Alnara has a similar opportunity to create an exceptional company with innovative science, strong intellectual property and a world-class management team," said James Topper, general partner, Frazier Healthcare Ventures.

- see Alnara's release

Related Articles:
Crisis forces biotechs to cut R&D, preserve cash
Venture funds hit the brakes on biotech investing