Pharmaceutical firm GlaxoSmithKline has launched two new life sciences companies, each of which will receive up to $10m in series A funding, in collaboration with venture capital firm Avalon Ventures.
Silarus Therapeutics will focus on developing therapeutics to treat iron deficiency and iron overload, while Thyritope Biosciences will focus on treatments for the autoimmune disorder Graves’ disease. Both will operate from Avalon Ventures’ innovation hub in San Diego, California.
The companies stem from a partnership formed by GSK and Avalon Ventures in April 2013, through which the firms agreed to commit up to $495m to fund 10 new start-ups through the preclinical proof of concept stage.
The first company launched through the collaboration was Sitari Pharmaceuticals in November 2013.
Lon Cardon, senior vice president of alternative discovery and development at GSK, said: “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.
“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 capitalising on exciting science and at the same time increasing efficiency in drug discovery, which ultimately will benefit patients.”