US-based biopharmaceutical company Allena Pharmaceuticals raised $53m in a series C round on Wednesday featuring Pharmstandard International, the holding company for Russia-based pharmaceutical firm OJSC Pharmstandard.
Hedge fund sponsor Partner Fund Management led the round, which also featured financial services conglomerate Fidelity Management and Research, Wellington Management, Frazier Healthcare and HBM BioCapital.
Founded in 2011, Allena is working on treatments for metabolic and orphan diseases. The company is currently conducting two phase 2 clinical trials for its lead program Alln-177, a therapy for a condition called hyperoxaluria which can lead to chronic kidney disease.
The series C funding will support a phase 3 trial for Alln-177 and the development of more drug candidates. Allena will also explore additional uses for Alln-177, such as the treatment of oxalate nephropathy, another kind of kidney disease.
Pharmstandard previously took part in Allena’s $25m series B round in December 2014 , which was led by HBM Partners and backed by Frazier, Third Rock and Bessemer Venture Partners. Bessemer, Frazier and Third Rock provided $15m in series A funding for the company in 2011.
Alexey Margolin, co-founder, president and chief executive of Allena, said: “We are very happy with the strong interest and support we received from top-tier healthcare investors.
“The broadening of our investor base provides a strong vote of confidence in the quality of Allena’s development programs, pipeline and team. It also gives us the resources needed to achieve our ultimate goal – bringing the first hyperoxaluria treatment to patients.”