BIOVEX COMPLETES $70 MILLION FINANCING TO CONCLUDE
PIVOTAL STUDY
WITH ITS PIONEERING CANCER TREATMENT, ONCOVEXGM-CSF
Woburn, MA, November 10, 2009 -- BioVex Inc, a
company developing new generation biologics for the treatment and
prevention of cancer and infectious disease, announced today that
it has concluded a $70 million private financing, raising $30 million
in addition to the $40 million announced in March. The proceeds of
the financing will primarily be used to complete the ongoing Phase
III pivotal study of OncoVEXGM-CSF for the treatment of recurrent
and metastatic melanoma and to fund pre-commercialization activities.
The second close placement was co-led by Morningside Venture, Ventech and MVM
Life Science Partners who were joined by other new investors including
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.
"Securing this financing
is a significant milestone that puts BioVex in a strong financial position
to complete its first pivotal study with OncoVEX in metastatic melanoma,
with a view to submitting a Biologics License Application filing in mid 2011,"
said Philip Astley-Sparke, President and CEO of BioVex. "We believe
this over-subscribed funding round is the largest for a private clinical stage
biotech company this year and is a validation of our clinical and regulatory
achievements. We have generated encouraging data in four tumor types and
beyond melanoma have agreed to an additional Phase III pivotal protocol with
the FDA under the Special Protocol Assessment procedure in head and neck
cancer."
"Pending the successful conclusion of its first pivotal
study, OncoVEX is positioned to become the first cancer destroying virus
to reach the market in the United States," said Steve Reeders of MVM
Life Science Partners. "Given the strength of the Phase II data in
melanoma, we are optimistic that OncoVEX will meet its primary endpoint in
the current Phase III study and that its potential will be realized in melanoma
and subsequently many other hard to treat solid tumors."
"We
were impressed by the number of durable complete remissions following OncoVEX
therapy in both metastatic melanoma and head and neck cancer,” said
Reenie McCarthy of Morningside. "OncoVEX is an extremely promising
treatment for many hard to treat solid tumor types and we look forward to
working with management to fully realize the potential of this first-in-class
biologic."
About BioVex
BioVex is a privately held biotechnology company based in Woburn, MA where
it also has an operational launch grade manufacturing facility. The Company
is developing a new class of potent biologics for the treatment of cancer and
prevention of infectious disease.
The Company’s lead cancer treatment, OncoVEXGM-CSF,
is a first-in-class oncolytic, or cancer destroying virus, that works
by replicating and spreading within solid tumors (leaving healthy
cells unaffected), thereby causing cancer cell death and stimulating
the immune system to destroy un-injected metastatic deposits. Both
modes of action have been clearly validated in the clinic, where
multiple patients with metastatic disease progressing at enrollment
have been declared disease free. BioVex believes OncoVEXGM-CSF has
the potential to become a leading standard of care in the treatment
of many solid tumors based on the strength of clinical data so far
generated coupled with the relatively benign side effect profile
noted to date. Previous clinical trials have enrolled patients with
breast cancer, melanoma, head and neck cancer and pancreatic cancer,
with indications of clinical activity being observed in each. The
Company recently commenced a Phase III study in metastatic melanoma
following the achievement of an unprecedented proportion of durable
complete remissions in a Phase II study using OncoVEXGM-CSF as a
stand alone therapy. An overview of the Phase II melanoma results
is available on the BioVex website. In September 2009 the Company
received approval under the SPA procedure in relation to a second
Phase III study in head and neck cancer.
The Company's second program is a vaccine for genital herpes, ImmunoVEXHSV2, which provides complete protection in animal models of the disease.
The vaccine has been authorized to commence clinical testing in the
United Kingdom.
For further information, please go to www.biovex.com.
About Morningside
Morningside is a diversified investment group founded in 1986 by
the Chan family of Hong Kong. It is engaged primarily in private
equity and venture capital investments. The group has investments
in North America, Europe, across Asia-Pacific, and since 1992, in
Mainland China. Morningside was one of the earliest institutional
investors in China's internet industry and in recent years has been
an active investor in China's emerging biotechnology sector. More
information is available at www.morningside.com.
About MVM Life Science Partner
MVM Life Science Partners LLP manages three venture funds totaling
more than $500 million and invests in companies that discover, develop
and commercialize innovations in biotechnology, pharmaceuticals and
medical devices for the life science and healthcare markets. MVM
has offices in London and Boston, making investments predominantly
in Europe and the US, and has a growing team with wide-ranging experience
across the life science and private equity markets. More information
is available at www.mvmlifescience.com.
About Ventech
Ventech is a venture capital firm with more than €360 million
($540 million) under management. Created 10 years ago Ventech invests
in innovative companies in both the Information Technology and Life
Science sectors. Originally based in Paris, Ventech is now also present
in China. In the Life Science sector, the objective is to invest
primarily in Europe and the US with a specific focus towards drug
discovery, diagnostics and medical device technologies. More information
is available at www.ventechvc.com.
About Ysios
Ysios Capital Partners is a new Spanish venture capital firm that
launched its first fund of $100 million in 2008 and invests in innovative
life science companies. Ysios has offices in Barcelona and San Sebastian
(Spain), making investments globally with a special focus on the
Spanish market. Ysios has a team of nine professionals with diverse
backgrounds in life sciences and healthcare, venture capital, managing
start-ups, and corporate finance. With this investment, Ysios has
three portfolio companies: Cellerix (Cell therapy–Madrid),
EndoSense (Medical devices–Geneva) and BioVex (Oncology–Boston).
More information is available at www.ysioscapital.com.
Inquiries
Mr Philip Astley-Sparke
President & CEO
Tel: +1 781 376 4913
pastleysparke@biovex.com
Matt Dallas
Capital C Partners
Tel: +1 917 363 1333
mdallas@capitalcpartners.com
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