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Avalon Closes $70M Series B Round

NEW YORK, Dec. 17 - Avalon Pharmaceuticals has closed a Series B private equity round worth $70 million that it will use to expand the development of its genomics-based drug-screening approach, the company said on Monday.

 

CDP Sofinov led the round, which also included EuclidSR Partners, AIG Global Investment Group, Hambrecht & Quist Capital Management, MDS Capital, RBC Capital Partners, GeneChem, OrbiMed Advisors, and KBL Healthcare Ventures.  

 

"This marks an important milestone for the company," said Kenneth Carter, CEO of Gaithersburg, Md.-based Avalon. He added that the cash infusion will help the company develop the technology that will "lead to the accelerated identification of innovative small molecule drugs."

The Scan

Pig Organ Transplants Considered

The Wall Street Journal reports that the US Food and Drug Administration may soon allow clinical trials that involve transplanting pig organs into humans.

'Poo-Bank' Proposal

Harvard Medical School researchers suggest people should bank stool samples when they are young to transplant when they later develop age-related diseases.

Spurred to Develop Again

New Scientist reports that researchers may have uncovered why about 60 percent of in vitro fertilization embryos stop developing.

Science Papers Examine Breast Milk Cell Populations, Cerebral Cortex Cellular Diversity, Micronesia Population History

In Science this week: unique cell populations found within breast milk, 100 transcriptionally distinct cell populations uncovered in the cerebral cortex, and more.