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

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.

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