Verus spins out Meritage

Verus (San Diego, Calif.) spun out Meritage (San Diego, Calif.), which raised $22.5 million in a series A round through Domain Associates; Latterell Venture Partners; and The Vertical Group. The newco acquired rights from Verus to a pediatric gastrointestinal program, which includes a formulation of an undisclosed existing molecule to treat allergic inflammation of the gastrointestinal tract. Verus will receive an undisclosed upfront payment and a minority equity stake in the newco. Verus said the move allows it to focus on its collaboration with AstraZeneca (LSE:AZN; NYSE:AZN), which acquired Verus' pediatric asthma development programs last year (See BioCentury Extra, Monday, Sep. 24, 2007). ...