Avalyn Pharma Inc., a clinical-stage biopharmaceutical company focused on development of targeted inhalation therapies for life-threatening pulmonary diseases, announced the closing of an oversubscribed $175 million Series C financing.
The Series C financing was co-led by Perceptive Xontogeny Venture Funds, SR One, and Eventide Asset Management, which were joined by new investors, Vida Ventures, Wellington Management, Rock Springs Capital, funds and accounts advised by T. Rowe Price Associates, Inc., Surveyor Capital (a Citadel Company), Catalio Capital Management, and Piper Heartland. Current investors, including Novo Holdings A/S, Norwest Venture Partners, F-Prime Capital, Pivotal bioVenture Partners, and RiverVest Venture Partners, also participated. In conjunction with the financing, Gianna Hoffman-Luca, Ph.D., of Perceptive Xontogeny Venture Funds, and Jill Carroll of SR One, joined Avalyn's Board of Directors.