Set-up and largely funded by GlaxoSmithKline and Avalon Ventures, pharmaceuticals company Sitari has raised $10m in a series A round.
Venture capital firm Avalon and UK-based pharmaceutical company GlaxoSmithKline (GSK) have made the first joint investment through their $495m company alliance fund with a $10m series A round of funding into US-based drugs company Sitari Pharmaceuticals.
Sitari was founded by Avalon Ventures and GSK, based on intellectual property from Stamford University.
GSK will have the option to acquire Sitari once clinical candidates are identified for thier study, otherwise ownership will remain with Avalon.
The new funds will be used by…
