Another $10 million in venture debt funding will be obtained with certain milestones.

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.

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