Avalon, GSK launch two newcos

Avalon Ventures and GlaxoSmithKline plc (LSE:GSK; NYSE:GSK) launched Silarus Therapeutics Inc. (San Diego, Calif.) and Thyritope Biosciences Inc. (San Diego, Calif.). Each may receive up to $10 million in series A financing, comprising $3 million in equity investment from Avalon and up to $7 million in R&D support from GSK. The companies will be housed at Avalon's COI Pharmaceuticals incubator, and funded on a quarterly basis.

Silarus is developing small molecules targeting erythroferrone to treat iron deficiency and iron overload disorders. The hormone, which acts on the hepcidin pathway, regulates iron supply for red blood cell production. Silarus licensed IP from researchers at the University of California, Los Angeles. ...