Just seven months after dropping its IPO plans in a brutal market environment, Biolex Therapeutics has raised $60 million from investors in its fourth round and inked a deal to license the commercial rights held by OctoPlus in its lead drug Locteron. The new venture money will take the company through a Phase II study of Locteron for hepatitis C and tee it up for a late-stage trial. And Biolex brings its total VC take to $160 million.
In its deal with OctoPlus, Biolex will pay up to $149 million for the up front and milestone payments on Locteron. The pact also includes royalties on future sales of the drug. The two companies have worked on developing the drug since 2005. OctoPlus will continue to manufacture the therapy.
Clarus Ventures led the round with OrbiMed Advisors joining as a new investor. Existing investors participating in the financing included Intersouth Partners, Quaker BioVentures, Johnson & Johnson Development, Investor Growth Capital, Polaris Ventures, Mitsui & Company, The Dow Chemical Company, JP Morgan Securities and the North Carolina Economic Development Fund.
- here's the release on the OctoPlus deal
- read the report from the Triangle Business Journal