Aerovance Raises $38 Million

Aerovance Inc., a Berkeley, Calif.-based drug company focused on respiratory and inflammatory diseases, has raised $38 million in Series C funding. The deal is tranched-out, with $20 million called down and Aerovance having the option to call the remainder beginning in six months. ProQuest Investments led the round, and was joined by BB Biotech Ventures and return backers Apax Partners, Clarus Ventures, Alta Partners, Lehman Brothers, NGN Capital and Burrill & Co. It had previously raised $92 million in equity and $10 million in debt.

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