Concurrently, the probe's lead developer is promoted to chief technology officer.

The company raises $26m in series B, and $5.1m in a contract with DARPA.

Eli Lilly has invested in a $79.5m life sciences and health technology fund raised by venture capital firm Epidarex, which plans to target UK companies.

Eli Lilly led the latest round raised by Crown, which will use the cash to expand its drug testing services, and possibly for acquisitions.

Kaiser Permanente is set to exit AtheroMed when Volcano Corporation buys the medical device maker in a deal that could potentially rise to $130m.

The round was co-led by GE Ventures and Drive Capital.

The University College London (UCL) spin-out heads consortium to develop new antibody medicine.

The personalised behavioural medication company has secured $7m in equity and $25m in debt through its latest round.

The hormonal patch producer, backed by Kaiser Permanente, floated below the $69m it had targeted.