Friday, November 22, 2013

Sitari Pharmaceuticals Raises $10M To Tackle Celiac Disease

San Diego-based Avalon Ventures announced this morning that it has launched a new company, Sitari Pharmaceuticals, with $10M in a Series A financing. Avalon said new startup is focused on the development of novel treatments for celiac disease, and was formed in conjunction with GlaxoSmithKline, as part of a collaboration to fund and launch to to 10, early-stage life sciences companies in San Diego. Avalon said that Sitari Pharmaceuticals is targeting the Transglutaminase 2 (TG2) pathway for the development of treatments for multiple disease indications, with an initial focus on celiac disease--the disease which causes intolerance to gluten. As part of the deal, Avalon said it has create another, new cmpany called COI Pharmaceuticals, which will provide operational support, an R&D facility, and a leadership team to Sitari and other companies coming out of the collaboration with GlaxoSmithKline. More information »