Investors including Eli Lilly, Pfizer, Johnson & Johnson have backed the fourth fund to be raised by early-stage biotechnology investor Accelerator Corp.

Proteus, previously backed by investors including Otsuka, Novartis, Medtronic, Itochu and Kaiser Permanente, has now secured more than $300m in total.

Biotechnology company Emulate has closed a $12m series A round backed by investors including hospital Cedars-Sinai.

Disruptive Materials will give rejected drugs a second chance.

Arizona State spin-out EndoVantage is taking home the prize money from the Arizona Innovation Challenge.

Duke spin-out Aerie Pharmaceuticals has been given permission to begin testing its drug in Canada.

The Novartis and Eli Lilly-backed developer of antifungal treatments, will seek to advance three of its candidates through clinical trials using the proceeds from the offering.

Biotech company Atox Bio has raised $23m from a syndicate of SR One, Lundbeckfond Ventures and OrbiMed for the treatment of flesh eating bacteria.