BioVex Inc, a Woburn, Mass.-based company developing new generation biologics for the treatment and prevention of cancer and infectious disease, has concluded a $70m private financing, raising $30m in addition to the $40m announced in March.
The funds 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.
This 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.
Commenting on the round, Philip Astley-Sparke, President and CEO of BioVex, said: “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”.
In conjuction with the funding, Reenie McCarthy for Morningside, Mounia Chaoui of Ventech and Steve Reeders of MVM Life Science Partners will join the company’s board of directors.