ARTICLE | Financial News

Audion raises series A from Lilly

February 11, 2014 2:21 AM UTC

Hearing loss company Audion Therapeutics B.V. (Amsterdam, the Netherlands) raised an undisclosed amount in a series A round from Eli Lilly and Co. (NYSE:LLY) and received rights to undisclosed compounds from the pharma in development to treat hearing loss via hair cell regeneration. Under the deal, Lilly has an option to reacquire the compounds after clinical proof of concept (POC). The companies declined to disclose details, including the stage of development of the compounds and what is considered POC.

Lilly said the deal is being managed under Lilly New Ventures, which is funded directly from Lilly's corporate treasury and invests in companies with "promising technology or science." Lilly New Ventures' Shaun Hawkins joined Audion's board. Lilly New Ventures is separate from Lilly Ventures, the pharma's venture arm. ...