Abbott Biotech Ventures invests in Alvine Pharmaceuticals

May 27 2010

Alvine Pharmaceuticals, Inc., a privately held clinical stage biopharmaceutical company focused on developing and commercializing therapeutics for autoimmune/inflammatory diseases, today announced that Abbott Biotech Ventures Inc., has joined Alvine's current investors: Interwest Partners, Panorama Capital, Prospect Venture Partners, Sofinnova Ventures, Black River Asset Management and Flagship Ventures in the company's Series A Extension financing. The terms of the investment were not disclosed.

“With the support of all our investors, we are committed to developing ALV003, our lead product candidate, as a novel therapeutic agent with the potential to treat celiac disease.”

"We are very pleased to add Abbott as an investor in Alvine," said Abhay Joshi, Ph.D., Alvine's President and Chief Executive Officer. "With the support of all our investors, we are committed to developing ALV003, our lead product candidate, as a novel therapeutic agent with the potential to treat celiac disease."