Biopharmaceutical firm Allergen on Thursday said it scored $80 million in Series B financing to support its research into developing treatments to desensitize people with food allergies.
Foresite Capital led the financing round, along with investors Longitude Capital, Fidelity Management & Research Co., Aisling Capital, Adage Capital, RA Capital Management and Palo Alto Investors.
Allergen said it will use the money to fund its upcoming clinical trial of a treatment that uses peanut protein to treat people with peanut allergies by characterized oral desensitization immunotherapy. It is planning similar treatments for egg and milk allergies.
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“ARC is developing an extremely promising option that could provide an unprecedented solution for families and physicians managing the stresses of food allergy avoidance and the dangers of accidental exposure,” said Jim Tananbaum, MD, CEO and managing director of Foresite Capital, in a statement.
Tananbaum will join the board at Allergen.