The Life Sciences team advised Avalyn Pharma Inc. on the closing of an oversubscribed $100 million Series D financing. The raise was co-led by Suvretta Capital Management and SR One, with participation from Novo Holdings A/S, F-Prime, Perceptive Xontogeny Venture Funds, Norwest, Eventide Asset Management, Wellington Management, Vida Ventures, Catalio Capital Management, RiverVest Venture Partners, Pivotal bioVenture Partners, TPG Biotech, Hamilton Square Partners Management, LP (HSq), Rock Springs Capital, Surveyor Capital (a Citadel company), funds and accounts advised by T. Rowe Price Associates, Inc., and Piper Heartland. Proceeds will support key clinical milestones across Avalyn’s pipeline programs in pulmonary fibrosis, including the late-stage development of Avalyn’s lead programs: optimized inhaled formulations of pirfenidone (AP01) and nintedanib (AP02), as well as the advancement of the pirfenidone/nintedanib fixed dose combination (AP03) into Phase 1 clinical trials.
Avalyn is reimagining the future of pulmonary fibrosis treatment with a pipeline of new inhaled formulations of approved medicines designed to reduce systemic exposure and deliver medication directly to the site of disease. Pulmonary fibrosis is characterized by scarring of lung tissue, decline in lung function, and reduced exercise capacity and quality of life, and is associated with increased mortality. Currently approved therapeutic options slow pulmonary fibrosis progression but are associated with significant toxicities that restrict their use and dosing. Avalyn’s inhaled approach tackles the underlying pathophysiology of pulmonary fibrosis at its source and is designed to reduce systemic exposure and deliver medication directly to the site of disease. Avalyn’s AP01 is an optimized inhaled formulation of pirfenidone, currently being studied in the ongoing MIST Phase 2b study in progressive pulmonary fibrosis (PPF). AP01 has been assessed in over 150 individuals with different forms of pulmonary fibrosis and demonstrated clinical proof-of-concept with improved efficacy and safety compared to historical data with existing therapies. The company completed two Phase 1 studies for AP02, inhaled nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).
The Goodwin team was led by Stephanie Richards, Kristen McCarthy, and Mitchell Bloom, and included Beth Nelson, Grace Kim, Julie Tibbets and Olivia Uitto.
For more information on the deal, please read the press release and coverage in Endpoints News.