Woburn, MA-based BioVex has raised $40 million in the first close of a series F private financing. The placement was led by Forbion Capital Partners who were joined by other existing investors including Credit Agricole Private Equity, Harris & Harris Group, Innoven Partners, New Science Ventures, Triathlon Medical Venture Partners and Scottish Equity Partners.
BioVex, which is developing biologics for the treatment and prevention of cancer and infectious disease, will use the money to fund a Phase III study of its lead drug OncoVEX GM-CSF. The treatment is being studied in patients with unresectable Stage IIIc and Stage IV metastatic melanoma. "Following the unprecedented number of durable complete remissions generated with our lead cancer product, OncoVEX GM-CSF in a Phase II study in metastatic melanoma, the funds will be used to commence a pivotal Phase III study,"said BioVex's CEO Philip Astley-Sparke. "The Board is currently examining a number of options to raise a further $20 million to fund preparations for a BLA filing following the generation of Phase III data in 2010."
- here's BioVex's release