San Carlos, CA-based Alvine Pharmaceuticals raised $21.5 million in an extension of its Series A, garnering fresh funds to advance the development of a new treatment for celiac disease. Panorama Capital led the financing round, joining founding investors InterWest Partners, Prospect Venture Partners, Sofinnova Ventures, Black River Asset Management and Flagship Ventures.
"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 CEO of Alvine. ALV003 is currently in a Phase IIa trial.
"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. Gaurav Aggarwal, M.D. of Panorama Capital. Aggarwal is joining the board.
- check out the Alvine release