Lightstone Ventures, Temasek's ClavystBio co-lead Allay Therapeutics' US$57.5 million Series D funding
[SINGAPORE] United States-based biotechnology company Allay Therapeutics on Thursday (Jun 5) announced it has raised US$57.5 million in a Series D financing round, co-led by biotech venture capital (VC) firm Lightstone Ventures and ClavystBio, a Temasek-linked life sciences venture builder.
Participants in the round include the following existing investors: New Enterprise Associates, a US-based VC company; healthcare VC firm Arboretum Ventures; Temasek unit Vertex Holdings' growth-stage VC fund Vertex Growth; Vertex's healthcare fund Vertex Ventures Healthcare; and Australian life sciences VC firm Brandon Capital.
New investors who joined the round were US VC firm IPD Capital; Singapore government-backed deep tech investor SGInnovate; as well as EDBI, which operates under SG Growth Capital, the investment platform of the Singapore Economic Development Board and Enterprise Singapore.
Drug manufacturer Maruishi Pharmaceutical has expanded its license agreement with Allay Therapeutics to include South Korea and Taiwan, in addition to Japan. As part of this agreement, Maruishi also participated in the Series D round.
Meanwhile, HSBC Innovation Banking, which focuses on banking solutions for start-ups, investors and pre-initial public offering companies, also provided additional venture debt financing to Allay Therapeutics.
Founded in 2017, Allay Therapeutics, which was incubated by Lightstone Ventures' Singapore fund and The Foundry, focuses on pain relief.
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Its technology is used to create analgesic products that can aid patients with post-surgical pain management and recuperation, reducing the need for opoids and improving patient recovery.
The company has teams in the US and Singapore.
Funds from the Series D round will support the company's registration trial, which started in February this year and involves 200 participants in multiple US sites. The trial evaluates its product for the treatment of pain after total knee replacement surgery.
Results from the trial will be available in the third quarter of 2025.
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