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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, GlaxoSmithKline Team On Two New Startups

socalTECH

San Diego-based venture capital investor Avalon Ventures and biopharmaceuticals firm GlaxoSmithKline said Monday that the two have teamed up to fund and launch up to 10, early stage life science companies. According to Avalon Ventures and GSK, they will provide up to $495M to fund those ten new companies. READ MORE>>.

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Avelas Biosciences Raises $6.85M

socalTECH

The company said the funding came from Avalon Ventures, and also included Torrey Pines Investment, WuXi AppTec, and an additional, un-named investor. Avelas Biosciences is developing a flourecent peptide which helps surgeons highlight cancer cells during surgery, specifically for breast cancer. READ MORE>>.

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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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AristaMD Gets $11M To Reduce Unnecessary Doctor's Visits

socalTECH

San Diego-based AristaMD , which is developing software tools to help coordinate referrals by physicians to specialists, has raised $11M in a Series A funding round. The funding was led by Avalon Ventures, and also included Correlation Ventures.

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Proximal Data Acquired By Samsung

socalTECH

Proximal Data was venture backed by Divergent Ventures and Avalon Ventures, and had only announced around $5M in funding. Samsung said the buy will help add server storage software expertise to its solid state (SSD) storage products. Financial terms of the buy were not announced.

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Avelas Bio Raises $20M to Push Cancer-Illuminating Biologic Agent

Xconomy

San Diego’s Avelas Biosciences , founded in 2009 to advance a fluorescing biologic agent intended to help surgeons differentiate cancerous tissue from healthy tissue, has completed a $20 million Series C round of venture funding. and San Diego’s Avalon Ventures. The company also is planning to relocate to new offices, Stengone said.

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