Allozyne Inc., a Seattle-based biotech company focused on protein therapeutics, has raised $30 million in Series B funding. It will be used to advance the company's lead product candidate, which it says is an improved version of Interferon beta for the treatment for Multiple Sclerosis. MPM Capital led the round, and was joined by return backers OVP Venture Partners, Amgen Ventures, ARCH Venture Partners and Alexandria Real Estate Equities.
The company was formed in 2005 under the auspices of a VC-backed incubator called Accelerator Corp., and raised under $4 million in Series A funding at a post-money valuation of approximately $8.6 million.
Allozyne, Inc., a Seattle-based biotechnology company focused on the development and manufacture of improved protein therapeutics, announced today that it has closed a $30 million Series B financing. Proceeds from the financing will be used to advance Allozyne's lead product candidate, an improved version of Interferon beta for the treatment for Multiple Sclerosis (MS), into clinical development and through the completion of phase I clinical trials. This funding will also accelerate the preclinical development of a second program as well as further exploit the company's proprietary technology platform. The company also announced today that it has appointed Ms. Meenu Chhabra as President and Chief Executive Officer.
MPM Capital led the financing with participation from existing investors OVP Venture Partners, Amgen Ventures, ARCH Venture Partners, and Alexandria Real Estate Equities, Inc. With the closing of this financing Allozyne will prepare to exit from Accelerator Corporation, a venture capital-backed investment vehicle supporting the formation and development of next-generation biotechnology companies. Accelerator's syndicate of venture capital investors made a Series A investment in Allozyne in November of 2005.
Allozyne, Inc., was founded to commercialize proprietary technologies developed in the laboratories of Dr. David Tirrell and Dr. William Goddard III at the California Institute of Technology. These technologies will enable the company to improve the efficacy of protein-based therapeutics. This is achieved by applying a rapid and consistent approach to specifically modifying recombinant proteins, and has broad utility in developing improved therapeutic proteins and monoclonal antibodies.
Meenu Chhabra recently joined Allozyne as President and Chief Executive Officer, having previously served as Vice President, Business Development and Licensing, for Novartis Consumer Health (Geneva, Switzerland). Immediately prior to joining Novartis, Ms. Chhabra served as the Chief Business Officer at BioXell S.p.A. (
Dr. Michael Steinmetz, Executive Chairman of Allozyne and a General Partner at MPM Capital for BioVentures I, II, and III, as well as a Managing Director at Clarus Ventures, stated: “We intend to build Allozyne into a leading biotechnology company, which will use its substitution mutagenesis and site-specific modification technologies to develop protein therapeutics with improved safety and efficacy profiles.“
Allozyne will be the third company to graduate from Accelerator and raise a significant Series B round of financing. Previous Accelerator graduate VLST Corporation raised $55M in May of 2006, and Spaltudaq Corporation raised $29M in March of 2007. Carl Weissman, President and CEO of Accelerator and Venture Partner with OVP, added, “Allozyne is a fantastic story, a broad platform technology that is rapidly generating high-value, low-risk, product opportunities. The steady guidance of Michael Steinmetz as Chairman combined with the talents and energy of Meenu Chhabra as CEO will balance perfectly with the Allozyne team.“
Allozyne, Inc., is a privately held biotechnology company focused on the development and manufacture of protein therapeutics. These technologies will enable the company to improve the efficacy of protein-based therapeutics. This is achieved by applying a rapid and consistent approach to specifically modifying recombinant proteins, and has broad utility in developing improved therapeutic proteins including monoclonal antibodies. For more information, please visit www.allozyne.com.
About MPM Capital
MPM Capital L.P. is a global investment management firm focused solely on life sciences investing. One of the largest investment management firms dedicated to the life sciences sector, MPM Capital has offices in
About Accelerator Corporation
Accelerator Corporation, founded in 2003, is a privately held biotechnology investment and development company located in
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE:ARE), Landlord and Developer of Choice to the Life Science Industry