Latham & Watkins Advises on Allay Therapeutics’ US$57.5 Million Series D Financing

Allay Therapeutics, a clinical-stage biotechnology company pioneering ultra-sustained analgesic products to transform post-surgical pain management and recuperation, has announced the completion of a US$57.5 million Series D financing round with leading global investors. Lightstone Ventures and ClavystBio co-led the Series D financing with participation by existing investors NEA, Arboretum Ventures, Vertex Growth, Vertex Ventures Healthcare, and Brandon Capital. New investors joining the round were IPD Capital, EDBI and SGInnovate, and HSBC Innovation Banking also provided additional venture debt financing to the company. 

Latham & Watkins LLP represents Lightstone Ventures, ClavystBio, and EDBI in the transaction with a corporate deal team led by Bay Area partner Alex Kassai and San Diego counsel Darryl Steensma, with associate Tori Hu.