HBM Partners Leads Series B Financing for Allena
Allena Pharmaceuticals completed a $25 million Series B financing led by HBM Partners, joined by investors Frazier Healthcare, Third Rock Ventures, Bessemer Venture Partners and Pharmstandard International.
In conjunction with the financing, Axel Bolte, investment advisor at HBM, will join Allena’s board of directors. The financing enables Allena to advance ALLN-177, its lead program for the treatment of hyperoxaluria, into Phase 3 development.
“The positive response and level of interest we have received from investors is a great reflection of our seasoned management team, the market opportunity and the unmet need that ALLN-177 meets in the treatment of hyperoxaluria”
“The positive response and level of interest we have received from investors is a great reflection of our seasoned management team, the market opportunity and the unmet need that ALLN-177 meets in the treatment of hyperoxaluria,” said Alexey Margolin, co-founder, president and CEO of Allena Pharmaceuticals. “This financing will allow the company to complete Phase 2 development and prepare for our Phase 3 program. Hyperoxaluria affects people all over the world, so we are thrilled to expand the geography of our top-tier syndicate to include both HBM and Pharmstandard.”
“Allena has made tremendous progress in moving forward with developing a potential treatment for hyperoxaluria, a serious metabolic disease that has currently no effective pharmacologic treatments and can lead to serious kidney related complications like nephrocalcinosis, oxalate nephropathy, kidney stones and kidney transplant,” said Mr. Bolte.
“Allena has established itself as a leader in the treatment of hyperoxaluria and other metabolic diseases, and I look forward to working with the company to bring forward this treatment for the many patients in need.”
“We have made tremendous progress since our Series A financing, with the completion of a Phase 1 clinical trial, significant patent work to protect our intellectual property and improvements in manufacturing capabilities, all of which resulted in the initiation of a groundbreaking Phase 2 program,” said Robert Gallotto, chief operating officer of Allena. Hyperoxaluria is a serious unmet need, and we believe ALLN-177 may provide the first safe and effective pharmacological option for patients.”
Hyperoxaluria is a serious metabolic condition resulting from high oxalate levels in the urine due to either hyper-absorption of oxalate from the diet (secondary hyperoxaluria) or from overproduction of oxalate by the liver due to a hereditary enzyme deficiency (primary hyperoxaluria). Hyperoxaluria can initially cause the development of kidney stones and can lead to nephrocalcinosis and oxalate nephropathy that leads to chronic kidney disease (CKD), end-stage renal disease (ESRD) and dialysis.
HBM Partners is a global provider in healthcare-focused investing with approximately $1 billion under management.