New venture firm venBio, which closed its inaugural $200 million fund in 2010, has begun the new year by unveiling two start ups with very different business propositions.

Despite a miserable economy, new company formation continues apace. In biotech, recapitalizations and structured deals featured prominently; in diagnostics, interest remains strong even if rounds in 2008 were down from last year's highs; in devices, small and regional VCs have filled the void left by brand-name investors.

A preview of the emerging health care companies profiled in the current, all-profiles issue of Start-Up. This month's profile groups are "Glioblastoma Start-Ups Get Specific," "Glaucoma Start-Ups Reach Critical Mass," and "ALS on the Cusp." Plus these Start-Ups Across Health Care: EarlySense, NeoChord, and Pantec Biosolutions.

For start-ups developing novel and risky medicines to treat glioblastoma, a rare, invasive form of brain cancer, the Pfizer/Avant deal was a watershed moment: It signaled the vigorous interest of a pharmaceutical behemoth in a disease where patients number in just the tens of thousands. The positive effects are likely to be felt in executive suites of biotechs developing therapeutics for this grievous disease.