Alvine Pharmaceuticals Raises Additional Funds from Abbott Biotech Ventures

Alvine Pharmaceuticals, Inc., a San Carlos, CA-based clinical stage biopharmaceutical company focused on developing and commercializing therapeutics for autoimmune and inflammatory diseases, has recieved an undisclosed equity investment from Abbott Biotech Ventures Inc. as a part of its Series A financing.
Abbott Biotech Ventures has joined Alvine’s existing investors Interwest Partners, Panorama Capital, Prospect Venture Partners, Sofinnova Ventures, Black River Asset Management and Flagship Ventures.
The capital infusion will enable the company to develop ALV003, its lead product candidate, as a novel therapeutic agent with the potential to treat celiac disease.

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