Pain play­er Al­lay makes good on launch promis­es, lock­ing down lat­est fundrais­ing round to ad­vance lead im­plant

Drug­mak­ers in the pain space have a dif­fi­cult road to ap­proval, even out­side of opi­oids, but a fresh-faced start­up that launched this sum­mer felt con­fi­dent that in­vestors would like what it brought to the ta­ble. Turns out it was right.

Al­lay Ther­a­peu­tics on Wednes­day closed a $60 mil­lion Se­ries C round the biotech plans to use to ad­vance its lead lo­cal anal­gesic im­plant in­to a key Phase IIb study in pa­tients post-knee re­place­ment surgery.

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