Avalyn Pharma closes a $35.5 million Series B round of financing
Fremont, CA: Avalyn Pharma, a renowned biopharmaceutical company focused on the development of upgraded therapies for life-threatening pulmonary diseases, closes it's Series B funding round after receiving $35.5 million. The financing round was led by Norwest Venture Partners along with the participation of new investor Pivotal Bio Venture Partners, and F-Prime Capital, Novo Holdings A/S, TPG Biotech, RiverVest Venture Partners, and other existing partners. As a part of the deal, Venture capitalists Robert Mittendorff and Heather Preston have declared to be joined Avalyn's Board of Directors soon.
Recently, Avalyn completed its enrollment in a clinical study of two-dose regimens of aerosolized perfenidone (AP01) in patients with the case of idiopathic pulmonary fibrosis (IPF). The proceeds from the Series B funding will help the company expand its pipeline and support the launch of Phase II/III trial of AP01 in chronic lung allograft dysfunction (CLAD), the most common form of graft failure that occurs in more than 50 percent of the lung transplant patients within five years of transplant and leads to re-do of the procedure and even death in most cases. In addition to this, funds will be used to support a Phase I study of AP02, aerosolized nintedanib, a program entering the clinical development phase after successful preclinical studies in two lung injury models.
"Reformulating systemic drugs for targeted inhaled lung delivery has successfully improved the efficacy and decreased systemic adverse effects of corticosteroids and bronchodilators in both asthma and COPD, and of antibiotics in cystic fibrosis," said Dr. A. Bruce Montgomery, CEO of Avalyn Pharma. "Despite the 2014 approval of two oral antifibrotic therapies, IPF and other fibrotic lung diseases remain fatal diseases with substantial unmet needs. We hope to accomplish improved tolerability and efficacy with both aerosolized pirfenidone and nintedanib. We are pleased by the safety profile we have seen to date with aerosolized pirfenidone in nearly 100 patients."