US Pharmaceutical corporation Eli Lilly and financial services provider Fidelity Investments, invested $25m in the expanding Chinese bioscience manufacturer Innovent Biologics.

SR One leads the $37.5m B round for the gene therapy company with existing corporate investor MedImmune Ventures also investing.

Applied Genetic Technologies Corp., backed by technology from the University of Florida, raises $37.5m in a record area venture round.

Statewide Arizona-based accelerator AZ Furnace announces its first 10 startups.

With such sizeable funding in place, if Intarcia can carry out a successful trial it would be in a stronger position to reap the returns of what could be a blockbuster treatment worth billions of dollars per year as well as a technology potentially applicable in other areas.

The C round is also co-led by venture firms Wellington Partners and Agate Medical Investments as well as medical device entrepreneurs.

Nanomedicine firm Nanobiotix, a spinoff from the University of Buffalo, raises $18.1m in its initial public offering.

The corporate venturing programme invests up to $5m per round and followed Covidien spinning out from conglomerate Tyco International in June 2007 to expand into medical devices.

Elevation, which is backed by quasi-corporate venturing unit Novo Ventures, could receive further payments of up to $240m should it meet product development milestones.