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Avalanche Biotechnologies raises $55 million in series B financing

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Avalanche Biotechnologies has completed a $55 million series B financing to advance the company’s clinical programs in retinal disorders, according to a press release.

This includes Avalanche’s lead product, AVA-101, a treatment for wet age-related macular degeneration. The company, which focuses on gene therapies for serious eye diseases, will invest in manufacturing and clinical infrastructure for its lead program and accelerate the development of pipeline programs based on the BioFactory platform, the release said.

This round of financing was led by Venrock and also included Deerfield, Adage Capital Management, Redmile Group, Rock Springs Capital, Sabby Capital, an affiliate of Cowen & Company and two undisclosed blue chip health care funds, the release said.