Alvine Pharmaceuticals Raises $21.5 Million Series A Extension
SAN CARLOS, Calif.--(Business Wire)--
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."
About Celiac Disease
Celiac disease is the most common hereditary autoimmune disease with prevalence
estimated to be as high as 1-2% in the U.S. and E.U. Intestinal inflammation in
celiac disease is triggered by the ingestion of gluten in genetically
susceptible individuals. Gluten is a protein found naturally in wheat, rye, and
barley, and is one of the most common and nutritionally significant ingredients
in the human diet. Patients with celiac disease mount an immune response to
gluten and gluten fragments, resulting in systemic immune-mediated damage in the
gut and other organs. Gluten ingestion can be associated with symptoms such as
nausea, diarrhea, constipation and rash. Complications of celiac disease can
include osteoporosis, anemia, dermatitis, weight loss, diabetes, central nervous
system conditions including depression, autoimmune diseases and malignancies.
The only available option for individuals diagnosed with celiac disease today is
a life-long adherence to a strict gluten-free diet, which is difficult to
follow.
About Alvine
Alvine Pharmaceuticals, Inc. is a privately held biopharmaceutical company
dedicated to developing and commercializing therapeutics for
autoimmune/gastrointestinal diseases. Alvine`s lead product candidate, ALV003,
is being developed to treat patients with celiac disease. For additional
information about the company, please visit www.alvinepharma.com.
About ALV003
ALV003 is an orally administered mixture of two recombinant proteases engineered
to degrade gluten into non-immunogenic fragments, by targeting the glutamine and
proline residues that are common in gluten. ALV003 consists of a glutamine
specific cysteine protease (EP-B2) and a proline specific prolyl endopeptidase
(PEP).