Biotech Company Aviir Gets FinancingTuesday, December 20, 2011
Irvine-based medical testing company Aviier Inc. has signed a deal with multiple investors to raise up to $30 million in a round of financing.
Aviir develops tests that predict a person’s risk for heart disease. The company said it would use the proceeds to fund commercialization of its TruRisk test.
Merck Global Health Innovation Fund, an arm of Whitehouse Station, N.J.-based Merck & Co., led the funding round. Current investors Aberdare Ventures and Bay City Capital, both of San Francisco, and New Leaf Venture Partners of Menlo Park, also participated.
Aviir said that it would receive an initial investment of $10 million, and could raise as much as $20 million more upon achieving certain milestones.
Earlier this year, Chief Executive Douglas Harrington said Aviir—founded in 2005 and which had raised $41 million from venture capitalists—was in the midst of raising its newest round. Aviir moved to Irvine from the Bay Area earlier this year.