Avalanche Biotechnologies, Inc., a Menlo Park, California-based clinical-stage biotechnology company, completed a $55m Series B financing.
Backers included Venrock, Deerfield, Adage Capital Management, Redmile Group, Rock Springs Capital, Sabby Capital, as well as an affiliate of Cowen & Company and two undisclosed blue chip health care funds.
The company intends to use the funds to advance its clinical programs in retinal disorders, including its lead product, AVA-101, for wet AMD, invest in manufacturing and clinical infrastructure for the lead program, and accelerate the development of pipeline programs based on its proprietary BioFactoryTM platform.
Founded in 2006 by Thomas Chalberg, Ph.D., CEO, and Mark S. Blumenkranz, M.D., H. J. Smead Professor and Chairman of the Department of Ophthalmology, and Director of the Byers Eye Institute at Stanford University, Chairman of the Board, Avalanche develops innovative gene therapies for serious eye diseases such as wet age-related macular degeneration (AMD). Its lead product, AVA-101, is currently under development in a Phase 2a trial for wet age-related macular degeneration.