Buoyed by drug trial results, Biolex raises another $10M
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PITTSBORO, N.C. – Drug development firm Biolex, given a boost by trial results for a potential Hepatitis treatment, has closed on $10 million in new financing.
The mixture of debt and equity funding was disclosed in an SEC filing.
Earlier this month, Biolex Chief Executive Officer Jan Turek said two clinical trials for the drug Locteron “serve to confirm each other, providing us with great confidence in the robustness of the results that have been attained to date.”
Biolex plans to announce the trial results at a conference in April. Locteron has been under development since 2005.
According to Turek, the trial results “suggested that the potential tolerability and dosing convenience advantages of Locteron supported a substantial commercial opportunity.”
In October 2008 after Biolex pulled plans for an initial public offering of stock, the company raised $60 million in new funding. Biolex then acquired all rights to Locteron that it didn’t already own from OctoPlus.
Investors in Biolex include Durham-based Intersouth Partners and the North Carolina Economic Development Fund.
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