Rule of three

Less than two months into 2013, Avalon Ventures has completed a hat trick of exits. The third score was last week's partnership between portfolio company RQx Pharmaceuticals Inc. and the Genentech Inc. unit of Roche (SIX:ROG; OTCQX:RHHBY) to discover and develop compounds against an undisclosed target.

Jay Lichter, managing partner at Avalon, said the firm's secret is seeking out an early stage asset that other investors find too risky, and taking a management role to guide that asset to a value creating event...