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news.Alios BioPharma, a biotechnology company, has concluded the first closing of its Series A preferred stock financing with a commitment from new investors of $24 million.
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The first tranche of $8.4 million has been completed, led by Novo Ventures and Novartis Ventures with participation from the Roche Venture Fund. Jack Nielsen of Novo Ventures will serve as its chairman of the board.
Also joining current members Raymond Schinazi and Lawrence Blatt on the Alios board of directors is Campbell Murray from Novartis Ventures and Carole Nuechterlein from Roche Venture Fund will sit as an observer.
Mr Blatt, founder and CEO of Alios, said: “We look forward to working closely with our new investors and members of the board of directors to build our company and successfully develop our pipeline.
“We view the Alios product candidates as a complementary approach to existing antiviral therapies where the complexity of these diseases requires treatment with multiple agents with differing mechanisms of actions.”