By Lisa Kerner
Erie, Pa., May 4 - Aerovance Inc. said it closed a $60 million round of series C financing in two tranches.
Proceeds will be used to advance two lead products through definitive proof of concept.
Clarus Ventures led the round and was joined by Alta Partners as well as Aerovance's current investors, Apax Partners, Lehman Brothers, NGN Capital and Burrill & Co.
Aquilo Partners Inc. acted as the exclusive placement agent for the financing.
Aerovance received the first tranche of $28 million and will receive the second tranche of $32 million once it meets certain clinical, manufacturing and other milestones.
Nick Galakatos, of Clarus Ventures and Farah Champsi of Alta Partners have joined Aerovance's board of directors.
"This is a significant dollar amount that speaks to investors' enthusiasm for our rapid progress and the tremendous potential of our drug pipeline," said William J. Newell, Aerovance's president, in a news release.
"With four programs for asthma, cystic fibrosis, chronic obstructive pulmonary disease and eczema advancing through clinical trials, Aerovance is well positioned to join the ranks of successful, product focused spin-offs from big pharma," Newell said.
Spun out of Bayer Pharmaceutical in 2004, Aerovance is a Berkeley, Calif.-based company focused on the development of biologics for respiratory and inflammatory diseases.
| Issuer: | Aerovance, Inc.
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| Issue: | Series C preferred stock
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| Amount: | $60 million
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| Investors: | Clarus Ventures (lead), Alta Partners, Apax Partners, Lehman Brothers, NGN Capital, Burrill & Co.
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| Placement agent: | Aquilo Partners Inc.
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| Announcement date: | May 4
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