Biotech firm Regulus announces alliances with AstraZeneca and Biogen Idec.

Chris Coburn, executive director of Cleveland Clinic Innovations, said: "There really can be no more significant alliance than this teaming of our two institutions up and down I-71. We will help to change the face of innovation in the state."

Founded by Dr. Mark Pruzanski in 2002, Intercept had previously raised about $45m from private investors, including Italy-based Genextra, US-based venture capital firm Visium and Jafco Life Science Investment, which raised about a quarter of its latest near Y240bn ($3bn) fund from corporations.

Venture capital firm OrbiMed Advisors led the C round, with Intercept's majority investor, Genextra, also participating.

J&J's Cosat and the Rogers Family Foundation jointly fund the Bridging-the-Gap programme, which provides nearly $1m a year for targeted research designed to move projects further along the path to commercialization at the University of California.

UniQuest, UQ's main commercialisation company that has created over 70 companies since 1984, licensed the serum production technology to Q-Sera.

Cosat and the Rogers Family Foundation jointly fund the Bridging-the-Gap programme, which provides nearly $1m a year for targeted research designed to move projects further along the path to commercialization at the University of California.

Sonitus Medical raised $25m in its series D round led by venture capital firm Abingworth.