No Abstract BioWorld International CorrespondentAvantium Technologies BV raised €18 million (US$23.4 million) in a private financing round to progress its programs in biofuels and drug development and to provide a liquidity event for exiting shareholders.

No Abstract BioWorld International CorrespondentPARIS - The European Commission has given the go-ahead for France's Innovation and Small Business Promotion Agency (OSEO) to provide a grant of €89.5 million (US$112.2 million) for a medical research program being coordinated by Mérieux Alliance.

Biotie Therapies Oyj gained ownership of Elbion GmbH in a cash and shares deal valued at €24.4 million (US$30.4 million). (BioWorld International)

No Abstract BioWorld International CorrespondentLONDON - Apitope Ltd. was forced to look beyond the UK to raise €10 million (US$12.5 million) from Belgian investors in its first formal venture capital funding round. The money will enable the company to carry out a Phase II proof-of-concept trial of its peptide-based immunotherapy for multiple sclerosis and to commercialize a diagnostic for identifying the disorder in its early stages.