Allon Therapeutics Adds $10M

11/1/10

Allon Therapeutics, the Vancouver, BC-based developer of drugs for neurological disorders, said today it has raised $10 million from a limited partnership of the Nordic Biotech Venture Fund. The cash will be used to further develop davunetide, which is being prepared for a pivotal clinical trial in patients with progressive supranuclear palsy (PSP). CEO Gordon McCauley talked about this rare disease, and his strategy to develop drugs against far more common diseases like Alzheimer’s and schizophrenia, in an Xconomy profile back in April.

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