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Print Edition StoriesTuesday, November 10, 2009
BioVex boosts Series F to $70M to move cancer treatment forward
By Mass High Tech staff
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Backers have added $30 million in new funding to cap off the Series F round for BioVex Inc., which brings the Woburn-based company’s sixth round to a total of $70 million.
The new funding saw participation from new investors including Sectoral Asset Management and Ysios Capital Partners, and the round was co-led by Morningside Venture, Ventech and MVM Life Science Partners. In conjunction with the funding, Reenie McCarthy from Morningside, Mounia Chaoui of Ventech and Steve Reeders of MVM Life Science Partners will join the BioVex board of directors, according to officials.
BioVex is working on developing new biologics for the treatment and prevention of cancer and infectious disease. In March, the company announced the first $40 million in the Series F. Officials say the bulk of the funding will be used to complete the ongoing Phase 3 pivotal study of its melanoma treatment OncoVEX, as well as to fund pre-commercialization activities.
According to Philip Astley-Sparke, president and CEO of BioVex, the company will be submitting a Biologics License Application filing in mid-2011 for OncoVEX.
BioVex, which maintains its research and development facility in Oxford, England, last reported closing a $35 million Series E round of funding in November 2007. By Mass High Tech reported accounts, this latest round brings BioVex’s total private financing raised to more than $160 million.
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