Aerovance Earns Out

Aerovance Inc., a Berkeley, Calif.-based drug company focused on respiratory and inflammatory diseases, has reached milestones that allow it to call down $28 million in Series C funding. The company announced last year that it had raised $60 million, with an initial $32 million call-down and the remainder based on Aerovance meeting certain clinical goals. Clarus Ventures led the overall round, and was joined by Alta Partners and return backers Apax Partners, Lehman Brothers, NGN Capital and Burrill & Co. Aerovance was spun out of Bayer in 2004.