Alvine raises $21.5 Million in series A extension
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Bangalore: Alvine Pharmaceuticals, a San Carlos, California-based developer of therapeutics for autoimmune and gastrointestinal diseases, has raised $21.5 million in series A extension financing round. This funding round is led by the new investor Panorama Capital along with the founding investors InterWest Partners, Prospect Venture Partners, Sofinnova Ventures, Black River Asset Management and Flagship Ventures. "This funding will support the continued development of ALV003 as an innovative protease therapy for the treatment of celiac disease, and further our goal to be the leading company in this space," said Abhay Joshi, President and Chief Executive Officer of Alvine. Founded in 2005, and based on technology created at Stanford and the Celiac Sprue Research Foundation, Alvine Pharmaceuticals plans to become the leader in developing new drugs to treat celiac disease and other immune related diseases of the gastrointestinal tract. Proceeds from the Series A extension will fund the company's recently initiated Phase 2a clinical trial of its lead compound ALV003 for the treatment of celiac disease. Currently, there are about 14 employees in the company. Concurrent with the closing of this financing round, Dr. Gaurav Aggarwal, Managing Director of Panorama Capital has joined Alvine's Board of Directors. "We are pleased to be able to support Alvine's work to develop the first pharmaceutical therapy for celiac disease," said Aggarwal.

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