Biotech Start-Up Lands $15M Series A Round

(Research.gov)

Allena Pharmaceuticals Inc. in Newton, Massachusetts, a biotechnology start-up company, says it has secured $15 million in Series A venture capital financing, the first round of funding after seed capital. The company was founded by Alexey Margolin and Robert Gallotto, former executives at Alnara Pharmaceuticals that was acquired by Eli Lilly and company in July 2010.

Allena Pharmaceuticals plans to develop oral protein medications, focusing on kidney and urinary tract disorders, but also some orphan diseases. The drugs are designed to remain in the body’s gastro-intestinal system, where the proteins exert therapeutic effects by reducing toxic metabolites, without being absorbed into the bloodstream.

The funding round is led by the venture capital firms Bessemer Venture Partners, Frazier Healthcare, and Third Rock Ventures. All three companies were investors in Alnara Pharmaceuticals.

Read more: U.S. Venture Investments Up in Q3, Science Companies Mixed

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