* AvMax Inc., of Berkeley, Calif., received a $2.5 million private placement to support its oral delivery program for immunosuppressives, HIV protease inhibitors and anticancer drugs. Investors were Biotechnology Value Fund LP, of San Francisco, and affiliates; Four Partners LP, of New York; and Charter Ventures LP, of Palo Alto. Under certain undisclosed terms, AvMax could receive an additional $10 million.

* Titan Pharmaceuticals Inc., of South San Francisco, reported positive preliminary results from a pilot study of its cell therapy product, Spheramine, in a rhesus monkey model of Parkinson's disease. A cell therapy, Spheramine delivers dopamine to specific deficient sites.

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