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09.01.05
PITTSBORO, NC – Biolex Therapeutics, a Trelys-backed, clinical stage protein therapeutics company, today announced that it has raised $36 million in a Series B financing led by Polaris Venture Partners. The financing was oversubscribed with the strong participation of existing investors.
Biolex plans to use proceeds from the financing to fund clinical development of its lead product candidates, and to continue to expand and enhance its Good Manufacturing Practice biomanufacturing capabilities to support its internal drug development and partner protein programs. Locteron™, a novel controlled-release formulation of recombinant human alfa interferon, is expected to enter Phase 1 clinical trials later this year. Locteron is designed to provide compliance and convenience benefits for Hepatitis C patients. Another Biolex protein, BLX-155, belongs to a new class of direct acting fibrinolytic agents and is expected to enter the clinic in 2006. This financing follows the Company’s recently announced broad strategic alliance with Centocor to develop and manufacture up to ten Centocor proteins using the Biolex LEX System™.
"The addition of Polaris, as well as the continued support of our long-term investors, provides validation for the demonstrated ability of Biolex to efficiently produce therapeutic proteins and monoclonal antibodies that have been technically or economically challenging," said Jan Turek, Chief Executive Officer of Biolex. "This level of funding will provide support for our internal product candidates, including Phase 1 trials of Locteron this year, and will allow us to expand our infrastructure to support our partner protein collaborations."
About Biolex Therapeutics
Biolex Therapeutics applies its unique drug development capabilities and expertise to commercialize complex proteins and monoclonal antibodies that until now have been impossible or very expensive to develop through traditional means. Biolex’ patent LEX System™ uses Lemna as a transgenic host. The company is advancing a proprietary pipeline of product candidates including Locteron™, a novel controlled-release form of alfa interferon which will enter Phase 1 clinical trials in 2005. Biolex has a multi-protein strategic alliance with Centocor and collaborations with other pharmaceutical/biotech companies including Medarex and OctoPlus. For additional information, please visit Biolex’ web site at www.biolex.com.
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