Pro­to­cols: Till­man Gern­gross's Avi­tide goes back to the well for more ven­ture cash; No­var­tis leads $17M start­up round

A year ago, Avi­tide CEO Kevin Isett told me that a $7.6 mil­lion round would be plen­ty to take the pro­tein ther­a­peu­tic com­pa­ny to prof­itabil­i­ty. But that cal­cu­la­tion may have been off by a lit­tle. This morn­ing the Lebanon, NH-based biotech, co-found­ed by Adimab’s Till­man Gern­gross, not­ed a new Se­ries D has been closed, with­out say­ing just how much new mon­ey is be­ing added. Mithril Cap­i­tal Man­age­ment led the round. It’s not like­ly to be a huge amount, though. Avi­tide had raised a grand to­tal of on­ly $12.5 mil­lion when it set its sights on prof­itabil­i­ty, far low­er than the av­er­age biotech.

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