Glaxo spin-out hears call of £10m

Aug 23, 2011 • Toby Lewis

UK-based healthcare company GlaxoSmithKline has kept backing one of its spin-outs, Autifony Therapeutics, which is researching treatments for hearing problems, retaining a stake after it raised a £10m ($16.5m) funding round.

GlaxoSmithKline will receive a 25.4% minority equity stake, and invest £1.25m. Autifony also raised the series A round from the Imperial Innovations Group,an Aim-listed investment trust founded by UK university Imperial College London, and venture firm SV Life Sciences. Imperial Innovations invested £5m to take a 33.6% stake…

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