Tuesday, September 15, 2009

Alvine Pharmaceuticals Gains $21.5M

San Carlos-based Alvine Pharmaceuticals, a biopharmaceuticals firm developing treatments for celiac disease, announced Tuesday that it has raised $21.5M in a Series A extension funding round. The funding was led by Panorama Capital, and also included InterWest Partners, Prospect Venture Partners, Sofinnova Ventures, Black River Asset Management and Flagship Ventures. Alvine said that Gaurav Aggarwal of Panorama Capital has joined the firm's board along with the funding. The company will use the new funding for its Phase 2a clinical trials of its ALV003 compound. More information »