Avera raises $16 million

Avera (San Diego, Calif.) raised $16 million in a venture round led by Frazier Healthcare Ventures. Other investors included Bay City Capital; InterWest Partners; Windamere Venture Partners; St. Paul Venture Capital; and BTG.

Also, Avera acquired from GlaxoSmithKline (GSK; LSE:GSK) worldwide rights and IP to a series of neuromuscular blocking (NMB) agents that were jointly discovered by GSK and Cornell University. The lead compound in the series, GW280430A (430A), has completed Phase I trials. GSK received an undisclosed position in Avera, and Cornell will receive milestones and royalties. ...