Aerovance secured $20 million in venture debt financing. Aerovance says that it drew down $10 million from the financing line at closing. The remaining $10 million is available upon the achievement of corporate milestones.
The money will support development of Aerovant, which is in Phase IIa studies for asthma. Aerovant is a recombinant human IL-4 variant that is an inhibitor of both the IL-4 and IL-13 receptors.
Oxford Finance Corporation led the syndicate, which includes Silicon Valley Bank and Comerica Bank.