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Article: Financings Roundup Alvine Brings in Another $21M to Fund Celiac Disease Studies.
- Article from:
- BIOWORLD Today
- Article date:
- September 16, 2009
- Author:
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Glen Harris, Managing Editor
Alvine Pharmaceuticals Inc., apparently finding a number it likes, has closed on its second $21 million Series A financing since it was founded four years ago.
The funds -- actually $21.5 million -- should be enough to get the company through the Phase IIa trial it began last month of protease therapy AVL003 as a treatment for celiac disease.
Since its founding, Alvine has raised $47.5 million, said Kirk R. Essenmacher, vice president of marketing and corporate & strategic development. That's impressive for a new company growing in a period of market instability. But the rewards also can be huge if the San ...