Venture capital firm Index Ventures has made its biggest investment yet in a life sciences firm after putting $11m behind biotech firm XO1 from its $200m life sciences fund backed by drugs companies Johnson & Johnson and GlaxoSmithKline (GSK).

Index, which has 21 current life science investments in its portfolio, was the sole participant in the seed round for XO1. Kevin Johnson, partner at Index Ventures, said: “This represents the largest investment in a life science company by Index Ventures…

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