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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."

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