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aTyr Pharma Closes $10 Million Venture Debt Loan from Silicon Valley Bank
, July 29, 2013
/PRNewswire/ -- aTyr Pharma, an innovative protein therapeutics enterprise focused on rare diseases, announced today the close of $10 million
debt financing from Silicon Valley Bank to support the clinical development of aTyr's first therapeutic program to treat rare autoimmune diseases and a rare disease pipeline in immune disorders.
"In conjunction with our Series D financing, this loan provides additional funding as we translate Physiocrine biology into a new class of protein therapeutics to treat many different types of immune disorders," said John Mendlein, Ph.D., CEO and executive chairman of aTyr Pharma.
"We're proud to be a partner of aTyr Pharma, offering the added flexibility the company needs to pursue its meaningful goals," said Mike White, managing director in life sciences for Silicon Valley Bank in San Diego. "Working with life sciences companies like aTyr, which are in pursuit of innovations that will directly impact the quality of people's lives, is inspiring and rewarding."
Physiocrines act as extracellular signaling molecules to orchestrate cellular homeostasis in response to stress. Physiocrines are naturally occurring proteins derived from tRNA synthetases that play fundamental roles in the function of human physiology and the resolution of inflammation. As potent endogenous modulators of inflammation, Physiocrines offer the opportunity for modulating biological pathways through new naturally occurring mechanisms, many of which have multiple therapeutic advantages, including improved selectivity, efficacy and reduced side effect profiles compared to many existing anti-inflammatory therapeutics.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 28 U.S. offices and six international operations. (Nasdaq: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
About aTyr Pharma
aTyr Therapeutics plans to build a pipeline of innovative therapeutic products based on Physiocrine biology. aTyr has established a dominant intellectual property estate to protect the core therapeutics as well as associated diagnostics. aTyr's key programs are currently focused on rare immunomodulation disorders in the areas of inflammation and auto-immunity. These diseases are serious potentially life threatening autoimmune conditions, for which there are currently no effective, safe, long term treatments. The privately held biotech was founded by The Scripps Research Institute Professor Paul Schimmel, a leading aminoacyl tRNA synthetase scientist, and is backed by top life sciences investors Alta Partners, Cardinal Partners, Domain Associates and Polaris Partners. For more information, please visit http://www.atyrpharma.com.
SOURCE aTyr Pharma