Tuesday, April 7, 2009

Aerovance Gets $38M

Berkeley-based Aerovance, a biopharmaceuticals firm focused on treatments for respiratory and inflammatory diseases, said Tuesday that it has raised $38M in an equity financing round. According to the firm, the round was led by ProQuest Investments, and included prior investors Apax Partners, Clarus Ventures, Alta Partners, Lehman Brothers, NGN Capital and Burrill & Co. New investor BB Biotech Ventures also participated. Aerovance said the funding brings its total raised to $92M in equity plus $10M in debt. The new funding round came in two tranches; the firm said that $20M has closed, with the firm having the ability to call the remaining $18M after six months. Alain Schreiber of ProQuest and Ann Hanham of Burrill & Company have both been added to the firm's board along with the funding. More information »