BERKELEY, Calif., April 7 /PRNewswire/ -- Aerovance Inc. today announced that it has secured $38 million in additional equity financing. In previous transactions since formation in 2004, the company has raised $92 million in equity financing and $10 million in debt financing.
This financing round, which consists of two tranches, was led by new investor ProQuest Investments and includes the full pro rata participation of existing investors Apax Partners, Clarus Ventures, Alta Partners, Lehman Brothers, NGN Capital and Burrill & Co., as well as that of new investor BB Biotech Ventures. Aerovance closed on $20 million and has the right to call the remaining $18 million after six months.
The financing will support the company's recently initiated Phase IIb clinical trial of inhaled Aerovant(TM) in patients with uncontrolled asthma and Phase III enabling activities for this program. These activities will include scale-up of the dry powder spray-drying process and preparation for a long-term toxicology study.
In connection with the financing, Alain Schreiber, M.D., a partner with ProQuest Investments, will join Aerovance's board of directors. Ann Hanham, Ph.D., a managing director with Burrill & Company-and an original investor in Aerovance, will also join the company's board of directors. Hingge Hsu, M.D., a former partner with Lehman Brothers, will step down from his role as a board member.
"Our investment in Aerovance is in line with ProQuest's strategy of targeting companies with breakthrough technology and products, proven management, large market potential and achievable business strategies," said Dr. Schreiber.
Mark Perry, Aerovance's president and CEO, said: "This significant capital raise at a time of great challenge and uncertainty in the financial markets is an important indication of investor enthusiasm for our lead candidate, Aerovant. We are pleased to
|SOURCE Aerovance Inc.|
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