Date: 2014-09-22
Type of information: Series A financing round
Company: Silarus Therapeutics (USA - CA)
Investors: GSK (UK) Avalon Venture (USA - CA)
Amount: $ 10 million
Funding type: series A financing round
Planned used: Silarus Therapeutics is developing therapeutics targeting erythroferrone for the treatment of iron deficiency and iron overload disorders. Erythroferrone is a recently-discovered hormone that regulates the iron supply for red blood cell production. Iron deficiency, also known as anemia, is a condition in which blood does not contain the normal amount of red blood cells or lacks the proper amount of hemoglobin. This, in turn, lowers the amount of oxygen-rich blood in circulation, causing shortness of breath, dizziness or headaches. Iron overload is a condition in which too much iron builds up in the body, causing organ poisoning or failure. Silarus was founded based on intellectual property in-licensed from the University of California, Los Angeles, that was discovered by investigators Tomas Ganz, M.D., Ph.D., Professor of Medicine, Department of Pathology and Laboratory Medicine and Elizabeta Nemeth, Ph.D., Professor of Medicine, Division of Pulmonary and Critical Care, both of the UCLA David Geffen School of Medicine.
Based on the terms of the Avalon-GSK collaboration established in April 2013, Avalon will provide Silarus 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: Metabolic diseases
