Seattle start-up gains $30M in second venture round

Another biotech graduate of the Seattle incubator Accelerator Corp. has won a significant round of venture backing. Allozyne says that it has garnered a $30 million Series B, enough money to take a preclinical candidate for multiple sclerosis through Phase I. In an interview with the Seattle Times, CEO Meenu Chhabra says that early-stage data should be available around 2010, making it ripe for a partnership with a big pharma company. If so, that would make it one exceptionally promising compound. Most of the significant partnership money doesn't become available until Phase II is well underway or completed. Allozyne is also studying a new therapy for diabetes and is looking for its own headquarters facility, which will allow the biotech to double its 10-person payroll. MPM Capital led the round with participation by OVP Venture Partners, Amgen Ventures, ARCH Venture Partners and Alexandria Real Estate Equities.

- here's the article on Allozyne from the Seattle Times