Avaxia Biologics, which seeks to develop anti-tumor necrosis factor drugs designed to work only in the gut, secured $11.4 million in a Series B funding round. AbbVie's venture capital arm AbbVie Biotech Ventures joined the round. Avaxia will use the money mainly to support a Phase I study of AVX-470, its lead antibody drug candidate for ulcerative colitis.

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