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November 11, 2009
BioVex Secures Additional $30M to Complete Cancer Treatment Study
BioVex Inc, a company developing new generation biologics for the treatment and prevention of cancer and infectious disease, has concluded $70M (€46M) in private financing, raising $30M (€20M) in addition to the $40M (€26M) announced in March. This second round of funding was led by Morningside Venture, Ventech and MVM Life Science Partners who were joined by new investors: Sectoral Asset Management and Ysios Capital Partners. Reenie McCarthy for Morningside, Mounia Chaoui of Ventech and Steve Reeders of MVM Life Science Partners will join the BioVex board of directors.
New monies will be used to complete the ongoing Phase III pivotal study of OncoVEX (GM-CSF) for the treatment of recurrent and metastatic melanoma and to fund pre-commercialization activities. Encouraging data in four tumor types and beyond melanoma have been generated and an additional Phase III pivotal protocol with the FDA under the Special Protocol Assessment procedure in head and neck cancer is also agreed upon. Pending the successful conclusion of its first pivotal study, OncoVEX can be positioned to become the first cancer destroying virus to reach the market in the United States.
By Raghuraman R
Posted on November 11, 2009 08:10 PM | Posted to Early stage | Venture Capital | Permalink
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