BERKELEY, Calif., March 28 /PRNewswire/ -- Aerovance Inc. today
announced it has secured $20 million in venture debt financing. Oxford
Finance Corporation led the syndicate, which includes Silicon Valley Bank
and Comerica Bank. Aerovance drew down $10 million from the financing line
at closing. The remaining $10 million is available upon the achievement of
corporate milestones.
"This financing reflects continued interest and enthusiasm in Aerovance
and our clinical programs," said Mark Perry, Aerovance's president and
chief executive officer. "With this additional capital, we will continue to
pursue our strategic goals, including a global partnership for our lead
program, Aerovant(TM), and to build value in the company through
development of our respiratory and inflammatory disease candidates."
Aerovant(TM) is a recombinant human IL-4 variant that is a potent
inhibitor of both the IL-4 and IL-13 receptors. Aerovance acquired the
worldwide rights to the drug candidate when the company was formed as a
spin-out of Bayer Pharmaceuticals Corporation in 2004.
Aerovance Inc. is a Berkeley, Calif.-based biopharmaceutical company
focused on the development and commercialization of breakthrough therapies
for the treatment of respiratory and inflammatory diseases. For more
information, visit http://www.aerovance.com.
SOURCE Aerovance Inc.
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Related links:
http://www.aerovance.com
CONTACT:
Tracey Milani,
tracey.milani@russopartnersllc.com, or David Schull,
david.schull@russopartnersllc.com, both of Russo Partners,
+1-619-814-3511, for Aerovance Inc.
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