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Avalanche Raises Additional Funding in Follow-On Financing

Nov 22 2013
Avalanche announced the completion of additional financing in a round consisting of both new and existing investors. Specific details of the financing, which included both preferred stock and convertible debt, were not disclosed. “Avalanche’s BioFactoryTM platform is based on powerful technology that will help address patients suffering from blinding diseases,” said Thomas Chalberg, Avalanche’s co-founder and CEO. “We are encouraged by our progress thus far, and excited to announce this additional financing, which will help us make new medicines available to patients.” Proceeds from the financing will be used to expand Avalanche’s team and advance its key programs, including AVA-101 for wet age-related macular degeneration, as well as accelerate its pipeline research and development programs. Avalanche was represented in the transaction by its corporate counsel, Latham and Watkins, LLP.