Thursday, October 30, 2008

Pharma startup Alnara adds $20M in first funding round

By Mass High Tech Staff

Boston-based Alnara Pharmaceuticals Inc., a pharmaceutical startup developing non-systemic protein therapeutics for the treatment of metabolic and inflammatory diseases, has secured $20 million in Series A funding.

The round was co-led by Frazier Healthcare Ventures of Seattle and Third Rock Ventures of Boston, and included co-investor Bessemer Venture Partners of Wellesley. Proceeds from the financing will be used to accelerate the development of non-systemic protein therapeutics, officials said.

The new company, which was incorporated in July, is led by former Altus Pharmaceuticals Inc. chief science officer Alexey Margolin, who will hold the post of CEO. Alnara’s board of directors is chaired by Richard Aldrich, co-founder of Vertex Pharmaceuticals Inc. and Sirtris Pharmaceuticals Inc. (acquired by Glaxo SmithKline for $720 million earlier this year). The board also includes Sitris CEO Christoph Westphal, Frazier Healthcare Ventures general partner James Topper and Third Rock Ventures partner Robert Tepper.

Third Rock Ventures, which raised its first fund ($378 million) in 2007, is a small venture capital firm focused on life sciences investments. Its portfolio include Agios Pharmaceuticals Inc., Constellation Pharmaceuticals Inc. and Zafgen Inc., all located in Cambridge.

Frazier Healthcare Ventures is also life sciences-focused and counts Stromedix Inc. of Cambridge and PatientKeeper Inc. of Newton among its local portfolio companies.