Aerovance Raises $38 Million; Plans To Partner Phase IIb Asthma Drug In 2010
This article was originally published in The Pink Sheet Daily
Financing will fund Phase IIb studies and formula enhancements for uncontrolled asthma compound; expects to partner drug in 2010.
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Bayer's respiratory diseases spin-out Aerovance shows how new opportunities are springing out of Europe's mid-sized firms, many of which are in transition.
Former Bayer execs are forming the biotech firm with funding from Apex Partners. Aerovance's lead products are an IL4/13 receptor antagonist for severe asthma entering Phase II, and a recombinant therapeutic protein for chronic obstructive pulmonary disease and cystic fibrosis planned for Phase I.
Drug makers need to continue investing in early-stage research to unveil the next $1 billion-plus drug, panelists at the Argyle conference agree.