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November 2006
News

CLINICAL OUTLOOK

Alba Therapeutics raises $10 million for celiac pill

On November 27, Baltimore, Md.-based Alba Therapeutics announced that it has raised $10 million that will be used to expedite the development of AT-1001 to treat celiac disease.

Since the company was launched two years ago to commercialize the scientific discoveries of Dr. Alessio Fasano at the University of Maryland, it has raised roughly $42 million. Dr. Fasano is the founder of the University of Maryland Center for Celiac Research.

The latest funding comes in venture debt from a range of organizations including Atel Ventures Inc., Oxford Finance Corp. and SVB Silicon Valley Bank. This type of financing works as a term loan and generally serves a way for startup corporations to fund growth without being required to sell a portion of the company.

“The promising clinical and preclinical data generated with AT-1001 in celiac disease and other autoimmune conditions warranted that we access this capital in order to expedite activities supporting clinical trials," said Blake Peterson, the chief executive officer of Alba.  “ We now has the “ability to fast track the AT-1001 program to address the enormous unmet needs of celiac patients and others suffering from autoimmune diseases."

For more information, please visit: http://www.albatherapeutics.com
 
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