San Diego-based Avalon Ventures on Monday announced the launch of two new companies formed through its collaboration with pharmaceutical giant GlaxoSmithKline.
Silarus Therapeutics Inc. and Thyritope Biosciences Inc. each will receive up to $10 million in financing and R&D support from Avalon and GSK.
Both companies will be located at COI Pharmaceuticals in San Diego, the innovation center established by Avalon to provide operational support, a fully equipped R&D facility and an experienced leadership team to its life science portfolio companies.
“Our collaboration with GSK represents a new model for driving early-stage drug discovery,” said Jay Lichter, managing director of Avalon Ventures. “By combining the nimble start-up mentality of Avalon with the unmatched R&D expertise and resources of a global pharmaceutical giant like GSK, in less than 18 months we have launched three new companies in diverse therapeutic areas.”
The collaboration began in April 2013 and will provide up to $495 million to fund a total of 10 new companies through preclinical proof of concept.
The first company launched through the collaboration, Sitari Pharmaceuticals, was established in November 2013 and is targeting the Transglutaminase 2 (TG2) pathway for the development of treatments with an initial focus in celiac disease.
“This unique model of bringing venture capital together with academia and big pharma is proving to be a powerful vehicle that is working just as we had hoped, bridging the gap between excellent academic science and the transformational development of medicines that GSK can provide,” said Lon Cardon, a senior vice president at GSK.
“From conception of the idea to three new companies in less than 18 months is an unprecedented pace for us and we are achieving our goal of capitalizing on exciting science and at the same time increasing efficiency in drug discovery, which ultimately will benefit patients,” Cardon said.
Silarus Therapeutics is developing therapeutics targeting erythroferrone for the treatment of iron deficiency, or anemia, and iron overload disorders. Erythroferrone is a recently-discovered hormone that regulates the iron supply for red blood cell production.
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.
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