Alcresta, a Newton, Mass.-based company developing innovative enzyme-based nutritional products for infants, adults and patients battling acute or chronic conditions, has raised $10m in Series A venture capital financing.
The round was led by Bessemer Venture Partners, Frazier Healthcare and Third Rock Ventures, and is synergistic with the recent launch and $15m Series A financing of Allena Pharmaceuticals.
The company intends to use the funding to leverage its existing proprietary platform to discover and develop a broad range of enzyme-based nutritional products and medical devices designed to improve clinical outcomes, enhance quality of life and reduce health care costs.
The investment introduces a new biotech business model that enables the two companies to maintain separate and distinct product pipelines while sharing resources and leveraging the operational experience and non-systemic protein delivery expertise of the combined management team.
Founded by Alexey Margolin, Ph.D., president and chief executive officer, and chief operating officer Robert Gallotto, Alcresta is developing and commercializing innovative enzyme-based nutritional products that improve patient health and manage disease for infants, adults and patients battling acute or chronic conditions.
The management team is joined by a board of directors, including:
– Stephen Kraus, partner, Bessemer Venture Partners;
– James Topper, M.D., Ph.D., general partner, Frazier Healthcare; and
– Robert Tepper, M.D., partner, Third Rock Ventures.