Date: 2014-09-22
Type of information: Series A financing round
Company: Thyritope Biosciences (USA - CA)
Investors: GSK (UK) Avalon Venture (USA - CA)
Amount: $ 10 million
Funding type: series A financing round
Planned used: Thyritope Biosciences is developing therapeutics that target thyroid stimulating auto-antibodies, which are the causative drivers of Graves’ hyperthyroidism and Graves’ orbitopathy. Graves’ disease is an autoimmune disorder caused by antibodies that over-stimulate the thyroid, causing excessive thyroid hormone production. The same antibodies stimulate the tissue around the eyes, resulting in an increase of orbital fat and extra-ocular muscle volume which causes the bulging of the eyes characteristic of Graves’ orbitopathy. While there are existing treatments to manage Graves’ hyperthyroidism, these treatments do not address the underlying cause of the disease. There is currently no approved treatment for Graves’ orbitopathy. Thyritope was founded based on molecular evolution technology developed by Patrick Daugherty, Ph.D., Professor of Chemical Engineering, and Biomolecular Science and Engineering at the University of California, Santa Barbara and commercialized by Serimmune, Inc.
Based on the terms of the Avalon-GSK collaboration established in April 2013, Avalon will provide Thyritope with executive leadership and operational management consistent with its current portfolio strategy. GSK has the option to acquire each of the companies upon the identification of a clinical candidate. Should GSK elect not to exercise this option on any of the companies, ownership of those companies will remain with Avalon, and Avalon will be free to enter into other strategic transactions.
Others: * On September 22, 2014, Avalon Ventures announced the launch of two new companies formed through its collaboration with GlaxoSmithKline (GSK) to fund and launch up to 10 early-stage life science companies. Silarus Therapeutics, Inc. and Thyritope Biosciences, Inc. each will receive up to $10 million in Series A financing and R&D support from Avalon Ventures and GSK. Both companies will be located at COI Pharmaceuticals in San Diego, the community of innovation established by Avalon Ventures to provide operational support, a fully equipped R&D facility and an experienced leadership team to its life science portfolio companies.
The collaboration between Avalon Ventures and GSK was established in April 2013 and will provide up to $495 million to fund a total of 10 new companies through preclinical proof of concept.
Therapeutic area: Autoimmune diseases
