Navigation Links
Aerovance Secures $38 Million in Equity Financing
Date:4/7/2009

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 advance Aerovant into the Phase IIb study, AeroTrial(TM), to evaluate the compound's safety and efficacy in patients living with uncontrolled asthma."

We welcome both Alain Schreiber and Ann Hanham to our board of directors. They have extensive drug development and commercialization expertise that complement the experience of our existing board members and senior management team. On behalf of our board, I would like to thank Hingge Hsu for his numerous contributions and valuable guidance since Aerovance's formation."

Aerovant is a recombinant human IL-4 variant that is a potent inhibitor of both the IL-4 and IL-13 receptors. Aerovance acquired the worldwide rights to the drug candidate when the company was formed as a spin-out of Bayer Pharmaceuticals Corporation in 2004. Aerovant is currently in a Phase IIb clinical trial for the treatment of uncontrolled asthma.

AeroTrial is a late-stage clinical study using a dry powder formulation and follows positive clinical data from two Phase IIa studies in which Aerovant demonstrated significant benefit in asthmatics who were experimentally challenged with inhaled allergen (The Lancet 2007, 370: 1422-31). The dry powder formulation that will be used in AeroTrial was well tolerated in a recently completed Phase I study in asthmatics. By using a medication based on a protein occurring naturally in the body, AeroTrial seeks a non-steroidal solution to getting control of asthma. For more information, visit www.aerotrial.com.

Aerovance Inc. is a Berkeley, Calif.-based biopharmaceutical company focused on the development and commercialization of breakthrough therapies for the treatment of respiratory and inflammatory diseases. For more information, visit www.aerovance.com.

    Contact: Andreas Marathovouniotis or David Schull
    Russo Partners
    212-845-4235 or 212-845-4271
    andreas.marathis@russopartnersllc.com
    david.schull@russopartnersllc.com

    Dave Happel
    Aerovance Inc.
    510-549-5525
    dave.happel@aerovance.com


'/>"/>
SOURCE Aerovance Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Aerovance Appoints Babatunde A. Otulana, M.D., as Chief Medical Officer
2. Aerovance Secures $20 Million in Debt Financing
3. VIA Pharmaceuticals Secures Financing Up to $10.0 Million
4. Pearl Therapeutics Secures $8 Million in Debt Financing
5. Heptares Secures GBP21 Million in Series A Fund Raising to Accelerate Development of Pipeline of Small Molecules Against High-Value GPCR Drug Targets
6. Sopherion Therapeutics Secures $55 Million in Series C Funding
7. Northwest Biotherapeutics Secures $700,000 Equity Financing
8. Intelligroup Secures Multi-Million Dollar COSMOS Implementation with Almac Clinical Services
9. TaiGen Biotechnology Secures 37 Million USD in Series C Round Financing
10. Pharmacyclics Secures $5.0 Million in Debt Financing
11. EcoSphere(R) Biolatex(TM) Secures Funding from Granholm and Invest Michigan!
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2016)... ... June 23, 2016 , ... STACS DNA Inc., the sample tracking software company, ... Crime Laboratory, has joined STACS DNA as a Field Application Specialist. , “I ... President and COO of STACS DNA. “In further expanding our capacity as a scientific ...
(Date:6/23/2016)...  Blueprint Bio, a company dedicated to identifying, protecting ... has closed its Series A funding round, according to ... "We have received a commitment from Forentis Fund that ... meet our current goals," stated Matthew Nunez . ... complete validation on the current projects in our pipeline, ...
(Date:6/23/2016)... ... June 23, 2016 , ... ClinCapture, the only free ... and will showcase its product’s latest features from June 26 to June 30, ... poster on Disrupting Clinical Trials in The Cloud during the conference. DIA ...
(Date:6/23/2016)... FRANCISCO , June 22, 2016  Amgen (NASDAQ: ... sponsorship of the QB3@953 life sciences incubator ... human health. The shared laboratory space at QB3@953 was ... overcome a key obstacle for many early stage organizations ... part of the sponsorship, Amgen launched two "Amgen Golden ...
Breaking Biology Technology:
(Date:6/20/2016)... -- Securus Technologies, a leading provider of civil ... investigation, corrections and monitoring announced that after exhaustive ... the final acceptance by all three (3) Department ... (MAS) installed. Furthermore, Securus will have contracts for ... October, 2016. MAS distinguishes between legitimate wireless device ...
(Date:6/9/2016)... -- Paris Police Prefecture ... to ensure the safety of people and operations in several ... tournament Teleste, an international technology group specialised in ... that its video security solution will be utilised by ... safety across the country. The system roll-out is scheduled for ...
(Date:6/2/2016)... June 2, 2016   The Weather Company , an ... Ads, an industry-first capability in which consumers will be able ... to ask questions via voice or text and receive relevant ... Marketers have long sought an advertising solution ... can be personal, relevant and valuable; and can scale across ...
Breaking Biology News(10 mins):