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.