Biolex Therapeutics, Inc announced the closing of a $60 million Series D financing led by Clarus Ventures, a leading biotechnology investor, with OrbiMed Advisors participating as a new investor. Existing investors participating in the financing included Intersouth Partners, Quaker BioVentures, Johnson & Johnson Development Corporation, Investor Growth Capital, Polaris Ventures, Mitsui & Company, The Dow Chemical Company, JP Morgan Securities and the North Carolina Economic Development Fund.
Biolex is a clinical-stage biopharmaceutical company that uses its patented LEX SystemSM to develop hard-to-make therapeutic proteins and to optimize monoclonal antibodies. The company's lead drug candidate is Locteron, a controlled-release interferon alfa designed to improve patient care in the treatment of hepatitis C through a more favourable side-effect profile and dosing convenience compared to existing pegylated interferon products. It is estimated that worldwide sales of interferon products for the treatment of hepatitis C will exceed $5 billion by 2014.
"This financing is designed to prepare Locteron for phase-3 development, including the completion of ongoing and planned phase-2 testing," said Jan Turek, Biolex's chief executive officer. "We are pleased to have firms of the caliber of Clarus and OrbiMed join our existing group of high-quality investors, an investment team that has been instrumental in supporting and guiding the advancement of Biolex."
The company also announced that Jeffrey Leiden, managing director of Clarus Ventures, and Klaus Veitinger, venture partner with OrbiMed Advisors, have joined Biolex's Board of Directors. Dr Leiden has more than 20 years of experience in the biomedical and pharmaceutical sectors. Dr Leiden was previously president and COO of Abbott Laboratories, Pharmaceuticals Products Group, and a member of the Abbott Board of Directors and the TAP Board of Directors. Previously, Dr Veitinger was a member of the Executive Board of Schwarz Pharma AG and the chief executive officer of Schwarz Pharma Inc where he was responsible for the US and Asia businesses.
"Clarus is pleased to lead the Series D investment in Biolex," said Dr Jeffrey Leiden of Clarus Ventures. "Locteron is a potential best-in-class product in a large and growing market. A once-every-two-week interferon alfa that is better tolerated would represent an important advance for patients suffering from hepatitis C infection. The outstanding management team at Biolex is well positioned to accelerate the clinical development of Locteron over the next 18 months."
In contrast to Locteron's controlled-release mechanism, the currently approved products, Pegasys and PEG-Intron, and the Albuferon product candidate currently under development each are immediate release products that lack a controlled-release mechanism.
Biolex is a clinical-stage biopharmaceutical company that uses its patented LEX SystemSM to develop hard-to-make therapeutic proteins and to optimize monoclonal antibodies.
Clarus Ventures is a life sciences venture capital firm founded by a team of accomplished investment professionals with extensive and complementary industry backgrounds which have enabled them to establish a long history of success in creating value.
OrbiMed is the world's largest life sciences and healthcare-dedicated investment firm, with approximately $5 billion in assets under management.