On September 27, 2023, 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 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 that participated in the rounded included Novo Holdings A/S, Norwest Venture Partners, F-Prime Capital, Pivotal bioVenture Partners, and RiverVest Venture Partners. Wilson Sonsini Goodrich & Rosati advised Novo Holdings A/S and Vida Ventures on the transaction.
Avalyn plans to use the funds to continue development of its portfolio of inhalation therapies for interstitial lung disease that improve upon currently approved medications, and advance its lead clinical assets, AP01 (inhaled pirfenidone) and AP02 (inhaled nintedanib), into mid-stage clinical trials.
The Wilson Sonsini team that advised Novo Holdings A/S included Dan Koeppen and Meghan Burton.
The Wilson Sonsini team that advised Vida Ventures included Ken Clark, Christina Poulsen, Andrew Collins, and Alison Sechrest.
For more information, please see Avalyn Pharma's press release.