Healthcare Industry News: Third Rock Ventures
News Release - October 30, 2008
Alnara Pharmaceuticals, Inc. Secures $20 Million in Series A RoundAlexey Margolin, Ph.D., to Lead Alnara
BOSTON--(HSMN NewsFeed)--Alnara Pharmaceuticals, Inc., a pharmaceutical company developing innovative non-systemic protein therapeutics for the treatment of metabolic and inflammatory diseases, announced today that it has secured $20 million in Series A venture capital financing. The round was co-led by Frazier Healthcare Ventures and Third Rock Ventures, and included co-investor Bessemer Venture Partners. Proceeds from the financing will be used to accelerate the development of non-systemic protein therapeutics.
The newly formed company is being led by Alexey Margolin, Ph.D., chief executive officer, and an experienced Board of Directors. Dr. Margolin is the former chief scientific officer of Altus Pharmaceuticals Inc. Alnara’s Board of Directors is chaired by Richard Aldrich, co-founder of Vertex and Sirtris, and includes Christoph Westphal, M.D., Ph.D., chief executive officer of Sirtris, a GSK Company; James Topper, M.D., Ph.D., general partner, Frazier Healthcare Ventures; and, Robert Tepper, M.D., partner, Third Rock Ventures.
“Alnara’s board and investor syndicate have been involved as founding advisors and investors in leading biotech and pharmaceutical companies such as Alnylam, Cerexa, Sirtris and Tularik, and we believe Alnara has a similar opportunity to create an exceptional pharmaceutical company with innovative science, strong intellectual property and a world-class management team,” said Dr. Topper.
Dr. Margolin stated, “Alnara’s unique approach to drug development offers an opportunity to rapidly create value for our investors. We look forward to working with our board and investors to create an outstanding and innovative pharmaceutical company.”
About Frazier Healthcare Ventures
Investing since 1991, Frazier Healthcare Ventures is one of the nation’s leading providers of venture and growth equity capital to emerging biopharma, medical device and healthcare service companies. With more then $1.8 billion under management, Frazier Healthcare has invested in over 100 healthcare companies that cover the entire developmental spectrum from seed stage to PIPEs to acquisitions of cash generating companies. Frazier Healthcare is nationally known for its highly experienced 23 member investment team, which collectively brings to bear a tremendous breadth of healthcare industry and investment experience. The team’s expertise encompasses product development and launch, clinical trial implementation and design, academic research, clinical practice, industry operating experience, and business development. For more information, please visit www.frazierhealthcare.com.
About Third Rock Ventures
Third Rock Ventures L.L.C. is a premier venture firm focused on life sciences investing and launching companies that make a difference in people’s lives. The firm raised its first fund of $378 million in 2007. Collaborating with entrepreneurs, the Third Rock team applies its deep expertise to establish the roadmap and building blocks for rapidly growing and highly successful life sciences companies. The Third Rock team has a unique vision and experience in building great companies, extensive academic and industry networks and a collective track record for creatively managing the value creation path to deliver exceptional performance. For more information, please visit www.thirdrockventures.com.
About Bessemer Venture Partners
Bessemer Venture Partners was founded in 1911 and is one of the oldest venture capital firms in the US. Since its inception, Bessemer has built a global presence with offices in Silicon Valley, New York, Massachusetts, Israel, China, and India. Bessemer’s portfolio spans a broad range of industries and has included some of the most successful investment opportunities including Affymax, Centocor, Ingersoll Rand, Sirtris Pharmaceuticals, Skype, and Staples, Inc., among others. For more information, visit www.bvp.com.
Source: Alnara Pharmaceuticals
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