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news.Aerovance, a biopharmaceutical company, has secured $38 million in additional equity financing. In previous transactions since formation in 2004, the company has raised $92 million in equity financing and $10 million in debt financing.
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This financing round, which consists of two tranches, was led by new investor ProQuest Investments and includes the full pro rata participation of existing investors Apax Partners, Clarus Ventures, Alta Partners, Lehman Brothers, NGN Capital and Burrill & Co, as well as that of new investor BB Biotech Ventures. Aerovance has closed on $20 million and has the right to call the remaining $18 million after six months.
The financing will support the company’s recently initiated Phase IIb clinical trial of inhaled Aerovant in patients with uncontrolled asthma and Phase III enabling activities for this program. These activities will include scale-up of the dry powder spray-drying process and preparation for a long-term toxicology study. Aerovant is currently in a Phase IIb clinical trial for the treatment of uncontrolled asthma.
In connection with the financing, Alain Schreiber, a partner with ProQuest Investments, will join Aerovance’s board of directors. Ann Hanham, a managing director with Burrill & Company-and an original investor in Aerovance, will also join the company’s board of directors. Hingge Hsu, a former partner with Lehman Brothers, will step down from his role as a board member.