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Aerovance, developer of asthma medications, just brought in $38 million in a post-recapitalized third round of funding to push its lead drug candidate through a second phase of clinical trials. The company has already received $20 million, with the option of claiming the remaining $18 million as necessary.

Based in Berkeley, Calif., the company has already seen its drug, Aerovant, through the first part of second-phase trials. The company will use the new money to complete the phase and refine its manufacturing processes. While Aerovance has a drug used to treat eczema in the pipeline, it said it will look for a partner to help fund its development rather than diverting money from this round of capital.

ProQuest Investments led the round, which also included BB Biotech Ventures, Alta Partners, Apax Partners, Burrill & Co., Clarus Ventures, Lehman Brothers Healthcare Fund and NGN Capital. In March of last year, Aerovance took in $10 million in debt financing from Comerica Bank, Oxford Finance and Silicon Valley Bank.

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