Allostera raised $17 million in VC financing

Montreal-based Allostera Pharma Inc has raised $17 million in series ‘A' financing to develop a new class of drugs based on the firm's proprietary Module X platform technology. So-called allosteramers use modified peptides with highly specific targets that can be developed rapidly and can be taken orally, which may make them more widely accepted than injectable drugs. The latest financing comes from iNovia Capital, Genesys Capital, BDC Capital with GO Capital and Fonds Bio-Innovation sec. Allostera's technology was developed between 2002 and 2005 by co-founder and chief scientific officer Dr Sylvain Chemtob and graduate student Christiane Quiniou — researchers at CHU Ste Justine, a hospital affiliated with the Univ of Montreal. Incorporated in 2005, early development was funded by several organizations including Gestion Univalor LP, the Canadian Institute of Health Research's Proof-of-Principal program, debt from the Centre québecois de valorisation des biotechnologies, convertible debt from MSBi Valorisation and the Government of Quebec....