Arvinas, a biotech spin-out of Yale University, has raised $19.25m to fund development of a new class of drugs based on protein degradation.

Of the overall fund, $15m came in the form of a series A round co-led by venture firms Canaan Partners and 5AM Ventures with participation from Connecticut Innovations and Elm Street Ventures. An additional $4.25m came from the State of Connecticut, $1m of which is in the form of equity, made through the Connecticut Department of Economic…

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