Alvine Pharmaceuticals, a biopharmaceutical company focused on developing and commercializing therapeutics for autoimmune/gastrointestinal diseases, closed a $21.5m extension of its Series A financing.
New investor Panorama Capital led the round and joined existing investors including InterWest Partners, Prospect Venture Partners, Sofinnova Ventures, Black River Asset Management and Flagship Ventures.
The new funds will be used to finance the San Carlos, CA.-based Company’s recently initiated Phase 2a clinical trial of its lead compound ALV003 for the treatment of celiac disease.
Commenting on the financing, Abhay Joshi, Ph.D., President and Chief Executive Officer of Alvine, said “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.
“We are pleased to have the committed support of our existing investors and to welcome our new investor, Panorama Capital, given their history of backing high quality biopharmaceutical companies”.
Gaurav Aggarwal, M.D. of Panorama Capital has joined Alvine’s Board of Directors.