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Sitari Pharmaceuticals, First Company Launched Through Avalon Ventures-GlaxoSmithKline Collaboration, Raises up to $10 Million Series A Financing and R&D Support
Date:11/22/2013

rgets TG2, an enzyme that is thought to play a multi-factorial role in celiac disease. TG2 is the primary human protein that is attacked as part of an autoimmune response in patients with celiac disease. The enzyme is also responsible for catalyzing a reaction with dietary gluten peptides that drives pathogenesis of the disease. Sitari is developing targeted inhibitors of TG2 with the potential to suppress the autoimmune response that results in intestinal inflammation and cell pathogenesis in celiac patients.

"Our collaboration with Avalon Ventures is off to a great start, and we are impressed with the quality of opportunities and the speed with which we have been able to create the first new company using this unconventional collaborative approach," said Pearl Huang, Ph.D., global head, Discovery Partnerships with Academia, at GSK. "We look forward to a productive collaboration with Avalon as we continue to launch exciting new companies to transform today's cutting-edge discoveries into promising clinical candidates that may enhance GSK's already robust pipeline."

Sitari was founded based on intellectual property in-licensed from the laboratory of Chaitan Khosla, Ph.D., professor of Chemical Engineering and Chemistry at Stanford University and Director of the Stanford Institute for Chemical Biology, and a scientific founder of Sitari. Based on the terms of the Avalon-GSK collaboration, Avalon will provide Sitari with executive leadership and operational management consistent with its current portfolio strategy, with some support being provided directly by COI Pharmaceuticals. GSK has the option to acquire Sitari upon the identification of a clinical candidate. Should GSK elect not to exercise this option, Sitari ownership will remain with Avalon, and Avalon will be free to enter into other strategic transactions.

About COI Pharmaceuticals

COI Pharmaceuticals is an unconve
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SOURCE Avalon Ventures
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