Allakos Inc., a biotechnology company based in the San Francisco area, has raised $32 million in Series A venture financing. Novo Ventures led the round, with Alta Partners, RiverVest Venture Partners and the Roche Venture Fund also participating. As a result, Peter Moldt, partner at Novo Ventures; Robert Alexander, director at Alta Partners; and John McKearn, managing director at RiverVest Venture Partners, join the company’s board.
Allakos Inc. announced today that it has completed a $32 million Series A preferred stock financing led by Novo Ventures with participation from Alta Partners, RiverVest Venture Partners and the Roche Venture Fund. Peter Moldt, PhD., Partner at Novo Ventures, Robert Alexander, PhD., Director at Alta Partners and John McKearn PhD., Managing Director at RiverVest Venture Partners, will join the Board of Directors.
Commented Dr. Moldt: “We believe that Allakos’ innovative approach to developing antibody-based therapeutics represents a large and important therapeutic and commercial opportunity, founded upon a strong scientific rationale and supported by a respected management team with deep experience in therapeutic antibody development. We are pleased to join with these other distinguished investors in supporting their progress.”
“We very much appreciate the confidence placed in our company by our Series A investors,” said Christopher Bebbington, DPhil, Founder and Chief Executive Officer of Allakos. “Our therapeutic antibodies are designed to work through novel mechanisms of action, to have significant safety and efficacy advantages and to have potential in multiple, high-value markets, including large therapeutic areas as well as orphan indications. With these proceeds, we are now well positioned to advance our lead program towards meaningful near-term milestones.”
About Allakos Inc.
Allakos Inc. is a privately held, product-focused biotechnology company developing first-in-class antibody-based therapeutics to treat diseases in which dysregulation of the T-helper type 2 (Th2) immune response plays a key role in pathology, including allergic disease, inflammation and diseases characterized by excess production of inflammatory cells. Allakos has generated a preclinical pipeline of novel antibodies targeting cell types implicated in allergic and inflammatory responses, which it intends to advance to clinical proof-of-concept. Headquartered in the San Francisco Bay Area, Allakos is led by a management team with broad experience in antibody research and development and a strong advisory board of experts in the areas of disease focus. For more information, please visit www.allakos.com.
About Novo Ventures
Novo is the holding company of the Novo Group, and is wholly owned by the Novo Nordisk Foundation. It was established in 1999 to manage the assets of the foundation and actively make investments on its behalf. Novo Ventures focuses on life sciences venture capital, and is active in both Europe and North America. The firm has four partners in Copenhagen, one in London and three in San Francisco. With an evergreen structure, it annually invests approximately $140 million in venture capital into private life sciences companies. For more information, please visit: www.novo.dk
About Alta Partners
Alta Partners is a San Francisco-based venture capital firm focused on life sciences investing. Founded in 1996, the firm has raised $2 billion in committed capital through eight venture fund programs. Alta invests in life sciences companies across the development continuum, from company formation to later-stage opportunities, and has funded more than 145 companies in the sector to date. For more information, please visit: www.altapartners.com
RiverVest Venture Partners is a venture capital firm focused on identifying and shaping early-stage life science companies throughout the U.S. to create significant shareholder value. With hands-on, high-level expertise and financial resources, RiverVest supports entrepreneurs by helping them achieve near-term objectives that position their companies for exit. Since its inception in September 2000, RiverVest has raised two investment funds, with total committed capital of $164 million, and supported more than 25 innovative life science companies. For more information, please visit www.rivervest.com.
About the Roche Venture Fund
The Roche Venture Fund invests in innovative biotech and diagnostics companies to develop commercially successful life science companies. Based in Basel with an office in South San Francisco, RVF is the corporate venture fund of the healthcare company Roche. RVF invests globally with a portfolio of over 30 companies in 10 countries.