Friday, May 20, 2016

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

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. Financial details of the milestone payments were not announced. Sitari Pharmaceuticals, which is developing treatments for celiac disease, and Silarus Therapeutics is developing treatments for iron overload disorders. As part of the announcement, Avalon and COI Pharmaceuticals said they have formed another company with GSK, called PDI Therapeutics, which will develop novel immune-oncology therapies. That company is apparently the eigth company formed by Avalon and GSK.