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In one of the largest venture capital rounds in the state so far this year, Bothell’s Alder BioPharmaceuticals has raised $38 million to support ongoing research for its cancer and migraine headache treatments. Investors in the deal include Novo Ventures, Sevin Rosen Funds, Ventures West, WRF Capital, H.I.G. Ventures, Delphi Ventures and TPG Biotech. As a result of the deal, Peter Bisgaard of Novo Ventures will join Alder’s board of directors.

The financing follows a strategic alliance formed in 2009 between Alder and Bristol Myers Squibb, one valued at the time at more than $1 billion.

“We are proud that in the four years since our Series C round, the Alder team has been tremendously successful in building a pipeline of therapeutics that enabled this round of financing,” said Randall Schatzman, president and chief executive officer of Alder BioPharmaceuticals. “This financing will provide us with the resources to advance ALD403, which targets well-validated biology in treating migraine and has a similar potential as ALD518 to be a significant game-changer in its disease area.”

The funding comes after an uptick in venture capital investments in Washington state during the first quarter, led in part by the massive $50 million funding round in Bellevue enterprise software company Apptio. At the time of that deal, Apptio said it was one of the largest VC rounds in the Pacific Northwest in the past five years.

In total, privately-held companies raised $206 million in VC funding during the first quarter.

Xconomy reports that the new funds will be used to hire between 10 to 15 people, and continue development on its three major drug candidates in the areas of cancer, migraines and cholesterol.

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