Fenwick Represents Avalyn Pharma in $35.5 Million Series B Financing

Fenwick & West represented Avalyn Pharma Inc., a biopharmaceutical company focused on development of improved therapies for life-threatening pulmonary diseases, in its $35.5 million Series B financing. The financing was led by Norwest Venture Partners, along with existing investors F-Prime Capital Partners, Novo Holdings A/S, RiverVest Venture Partners and TPG Biotech, and new investor Pivotal bioVenture Partners.

Proceeds from the Series B financing will be used to expand the company’s pipeline and will support the launch of a Phase II/III trial of AP01 in chronic lung allograft dysfunction (CLAD), the most common form of graft failure which occurs in over 50% of lung transplant recipients within five years of transplant and leads to re-transplant or death. Additionally, funds will support a Phase I study of AP02, aerosolized nintedanib, a program entering clinical development after successful preclinical studies in two lung injury models. More information about the financing can be obtained from the company announcement​.

The Fenwick transaction team included corporate partner Stephen Graham and associates Jim Bishop and Ethan Mackay.