Biolex looks for $70M to back new trials

Biolex is also preparing to test the rather chilly IPO waters with an offering designed to raise up to $70 million. The developer's lead candidate, Locteron, is in Phase II for hepatitis C. It has two other therapies headed for the clinic. Biolex lost more than $7 million in the first quarter and says it plans to lose plenty more.

"We expect to continue to incur significant losses for the foreseeable future, and we expect these losses to increase substantially as we conduct larger-scale trials for our drug candidates, commercialize any approved product candidates, hire additional personnel, and add operational, financial and management information systems," the company said in its prospectus.

- see this release from Biolex
- read the AP report for more info

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