Celiac disease specialist Sitari was the first company formed under the six-year collaboration. Three were shut down and Avalon controls the other four, which aren't compatible with GSK's new R&D focus.

Life sciences start-ups raised $2.61 billion in Q2 2015. Biotechs penned 38 alliances; seven acquisitions were signed, none in the medical device industry.

Derived from Strategic Transactions, Informa’s premium source for tracking life sciences deal activity, the Venture Funding Deals column provides a comprehensive monthly review of emerging life science companies that have received venture funding, including companies within the In Vitro Diagnostics, Medical Devices, and Pharmaceuticals sectors. This month’s column covers deals announced May through June 2015.