Aerovance raises $20 million

Aerovance Inc. (Berkeley, Calif.) raised $20 million in the first tranche of a planned $38 million private round led by new investor ProQuest Investments. BB Biotech Ventures, also a new investor, and existing investors Apax Partners; Clarus; Alta Partners; Lehman Brothers; NGN Capital; and Burrill also participated. Aerovance said it has the right to call the remaining $18 million after six months. ...