Palo Alto, CA .- Alvine Pharmaceuticals, Inc., a biopharmaceutical
company focused on developing pharmaceutical products for the treatment
of celiac sprue, today announced the closing of a $21 million Series A
financing. Sofinnova Ventures led the investment round with strong
support from Prospect Venture Partners and InterWest Partners. Cargill
Ventures and Flagship Ventures also participated in the financing.
"This financing brings together a premier group of investors
committed to advancing the company’s lead product candidate ALV001 into
human clinical and safety trials," said Stanford Professor Chaitan
Khosla, Ph.D., who co-founded the company. “Celiac sprue is a serious
yet common immune disease that is triggered by gluten, a component of
cereal grains found in most foods sold in the U.S. While
under-diagnosed, as many as one in one hundred individuals suffer from
celiac sprue, yet there is no drug therapy available. Alvine’s mission
is to provide innovative drug therapies for this disease and to change
the lives of its many patients,” he continued.
“Sofinnova has known Chaitan since the early 90’s when we worked
together on behalf of Kosan Biosciences. We’re thrilled to be working
with him again on his current venture,” commented Sofinnova Ventures
General Partner Nicola Campbell, Ph.D. “Alvine’s lead products will be
beneficial to the celiac market for the treatment of a neglected
patient population. ALV001 has proven to be uniquely safe for patients
with celiac sprue, an actuality that the management team and investors
alike are proud of."
Joining Khosla in this venture are Alvine co-founders Blair Stewart,
President and Kevin Kaster, Vice President of Corporate Development.
Alvine’s platform is based on over six years of research, and an
extensive intellectual property portfolio licensed from Stanford
University and acquired from the Celiac Sprue Research Foundation.
The Alvine Board of Directors consists of: Nicola Campbell, Ph.D.,
General Partner, Sofinnova Ventures; Ilan Zipkin, Ph.D., Partner,
Prospect Venture Partners; Nina Kjellson, Partner, InterWest Partners;
and Chaitan Khosla, Wells H. Rauser and Harold M. Petiprin Professor in
the School of Engineering; Professor of Chemical Engineering,
Chemistry, and Biochemistry, by courtesy, of Stanford University.
Alvine Pharmaceuticals, Inc., is a Palo Alto-based biopharmaceutical
company dedicated to developing and commercializing therapeutics for
the treatment of Celiac sprue. Alvine’s lead molecule, ALV001, is a
protease designed to be consumed with food to detoxify the gluten that
triggers the autoimmune response in celiac patients. Celiac sprue is
believed to affect as many as two million people in the United States
alone, many of whom have suffered the symptoms of the disease but have
not yet been diagnosed.
More information http://www.sofinnova.com/