Aileron Therapeutics completes $10 million financing

Cambridge biopharmaceutical company Aileron Therapeutics said today that it has raised $10 million through a private placement of preferred stock.

Aileron said that the round was co-led by Apple Tree Partners, a venture capital firm with offices in Cambridge, and Novartis Venture Funds, an investment firm with offices in Cambridge and ties to Swiss drug giant Novartis AG.

Aileron said it is focused on applying its proprietary stapled peptide technology to develop biologics - drugs made from living organisms - for the treatment of cancer and other diseases.

The company plans to use the proceeds from the financing to expand its drug discovery team and open a 10,000-square-foot plus research facility at 840 Memorial Dr. in Cambridge, Aileron said.
(By Chris Reidy, Globe staff)