Authored by James Sheppard
The California based gene therapy company Avalanche Biotechnologies announced that it has raised $102m from its initial public offering (IPO). The company will be listed on the NASDAQ under the ticker symbol AAVL.
Avalanche develops gene therapies for the treatment of ophthalmic diseases using the company’s gene therapy platform Ocular BioFactory. Avalanche currently has 6 assets in the pipeline with the most advanced being AVA-101.
AVA-101 is currently in phase I/II clinical trials for the treatment of Wet – Age related macular degeneration. Avalanche expects to report top line data for AVA-101 in mid-2015. Avalanche has also recently signed a deal with Regeneron to collaborate on 8 projects that could net the company $630m in total.
Avalanche’s IPO comes soon after the company raised $55m in a venture round, ensuring the company is in good financial health. The money raised from both the private and public rounds will be used to ensure the continued development of Avalanches 6 gene therapy products.