Avidia of Mountain View, CA, has raised $43.8 million in its third round of venture capital. New investor Skyline Ventures led the round. Much of that money will go to fund studies of an inhibitor of interleukin 6 for the treatment of inflammation and autoimmune disease, scheduled to enter clinical trials this year, and an inhibitor of IgE, on track to enter clinical trials next year.
"Avidia's unique discovery engine has the ability to generate products that may provide significant improvements over existing therapeutic modalities, such as antibodies and peptides," said Dr. Lowe of Skyline Ventures. "Based on its successful track record, the company's experienced team can quickly identify and develop viable drug candidates for major diseases and rapidly move them into the clinic."
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