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news.Seattle-based Allozyne has closed a $30 million Series B round of financing. The financial proceeds will be used to advance Allozyne's lead product candidate, an improved version of Interferon beta for the treatment for multiple sclerosis, into clinical development and through the completion of Phase I clinical trials.
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The funding will also accelerate the preclinical development of a second program as well as further exploit the company’s proprietary technology platform.
MPM Capital led the financing with participation from existing investors OVP Venture Partners, Amgen Ventures, ARCH Venture Partners and Alexandria Real Estate Equities.
With the closing of this financing Allozyne will prepare to exit from Accelerator, a venture capital-backed investment vehicle supporting the formation and development of next-generation biotechnology companies.
The company has also appointed Meenu Chhabra as its new president and CEO.