By Jennifer Chiou
New York, Sept. 1 - Biolex Therapeutics said it obtained $36 million of series B financing.
Polaris Venture Partners led the oversubscribed round, which included Intersouth Partners, Quaker BioVentures, Johnson & Johnson Development Corp., Mitsui and Co. Venture Partners and Kitty Hawk Capital.
Proceeds will go towards clinical development of its lead product candidates continued expansion.
"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, in a news release.
"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."
Locteron is a controlled-release form of alfa interferon.
The company also announced Polaris managing general partner Terry McGuire will join its board.
Based in Pittsboro, N.C., Biolex is a clinical-stage protein therapeutics company that develops and markets complex proteins and monoclonal antibodies.
| Issuer: | Biolex Therapeutics
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| Issue: | Preferred stock
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| Amount: | $36 million
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| Round: | Series B
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| Investors: | Polaris Venture Partners (lead), Intersouth Partners, Quaker BioVentures, Johnson & Johnson Development Corp., Mitsui and Co. Venture Partners, Kitty Hawk Capital
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| Announcement date: | Sept. 1
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