By Lisa Kerner
Charlotte, N.C., July 11 - Alder Biopharmaceuticals Inc. closed a $16 million series B financing round.
"We plan to use the funds to advance our lead antibody therapeutic through multiple proof-of-concept trials, broaden our product pipeline and continue to build on our proprietary antibody discovery and manufacturing technologies," chief executive officer Randall Schatzman said in a company news release.
H.I.G. Ventures led the round, joined by existing investors Sevin Rosen Funds, Ventures West and WRF Capital.
Aaron Davidson, managing director of H.I.G. Ventures, will join Alder's board of directors.
Located in Bothell, Wash., Alder develops antibody therapeutics to treat autoimmune and inflammatory diseases.
| Issuer: | Alder Biopharmaceuticals Inc.
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| Issue: | Series B financing
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| Amount: | $16 million
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| Investors: | H.I.G. Ventures (lead), Sevin Rosen Funds, Ventures West, WRF Capital
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| Announcement date: | July 11
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