Avelas Biosciences Raises $6.85M

San Diego-based Avelas Biosciences announced today that it has raised $6.85M in a Series B funding round, for the company's technology for illuminating cancer cells. The company said the funding came from Avalon Ventures, and also included Torrey Pines Investment, WuXi AppTec, and an additional, un-named investor. Avelas Biosciences is developing a flourecent peptide which helps surgeons highlight cancer cells during surgery, specifically for breast cancer. As part of the funding, the company named Carmine Stengone as CEO, and appointed Nikolay Savchuk of Torrey Pines to its board, and appointed Jay Lichter of Avalon as Chairman. More information »