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Avalon Ventures: Startups Get Milestone Payments, New Company Launched With GSK

socalTECH

San Diego-based Avalon Ventures , and COI Pharmaceuticals , the company established by Avalon to help form new biotech companies, said today that the first two companies that it has formed with GlaxoSmithKline have met their first milestones, and that it has spun up a new company with GSK as part of their collaboration.

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Avalon Ventures Launches Trio Of Life Science Startups

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San Diego-based Avalon Ventures said this morning that it has launched and funded three, new companies as part of its deal with GSK. Avalon Venturs said that Adrenergics , CadheRx Therapeutics , and Calporta Therapeutics have all received $10M in Series A funding, and will receive R&D support from Avalon Ventures and GSK.

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Janux Therapeutics Prices IPO, Hits Nasdaq Today

socalTECH

La Jolla-based biopharmaceuticals startup Janux Therapeutics said early this morning that it has priced its IPO, offering up 11,400,000 shares of its common stock at $17.00 Janux Therapeutics is developing T cell engager immunotherapies. According to the company, the gross proceeds from the effort are expected to be $193.8M.

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Fortis Therapeutics Gets $40M For Cancer Treatments

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San Diego-based Fortis Therapeutics, a biotechnology startup developing treatments for late-stage prostate cancer and multiple myeloma, has raised $40M in a Series A financing, the company said on Monday.

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After Investing, GSK to Buy Out Celiac Drug Developer Sitari Pharma

Xconomy

GlaxoSmithKline is acquiring a startup it helped launch in 2013 as part of an alliance with life sciences venture capital firm Avalon Ventures. Avalon said Tuesday that GSK (NYSE: GSK ) has agreed to buy the company, Sitari Pharmaceuticals, which has been developing a treatment for celiac disease.

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Avalon Leads $18M in Early Funding for Cancer Immunotherapy Startup

Xconomy

Fortis Therapeutics, a new San Diego biotech, has raised $18 million in initial funding to develop drugs for hard-to-treat prostate and bone marrow cancers. San Diego’s Avalon Ventures led the Series A round, and has established Fortis at COI Pharma, the firm’s biotech incubator (which now houses 16 life sciences startups).

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Southern California Startups Raise $761.12M in Q2 2014

socalTECH

The latest venture capital totals from the PricewaterhouseCoopers/National Venture Capital Association''s MoneyTree Report was released this evening, tallying up $761.12M in investments in Q2 of 2014 in Southern California, up from Q2 of 2013, when $616.83M was invested in the region. Image courtesy Bigstock. READ MORE>>.