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BioVex Raises $40 Million in First Close of Series F Financing
Date:3/30/2009

WOBURN, Mass., March 30 /PRNewswire/ -- BioVex Inc, a company developing new generation biologics for the treatment and prevention of cancer and infectious disease, announced today it has raised $40 million in the first close of a series F private financing.

The placement was led by Forbion Capital Partners, who were joined by other existing investors including Credit Agricole Private Equity, Harris & Harris Group, Innoven Partners, New Science Ventures, Triathlon Medical Venture Partners and Scottish Equity Partners.

Philip Astley-Sparke, President & CEO for BioVex Inc said:

"Following the unprecedented number of durable complete remissions generated with our lead cancer product, OncoVEX GM-CSF in a Phase II study in metastatic melanoma, the funds will be used to commence a pivotal Phase III study. The Board is currently examining a number of options to raise a further $20 million to fund preparations for a BLA filing following the generation of Phase III data in 2010."

The Phase III study design agreed with the FDA under a Special Protocol Assessment (SPA) follows directly from the study design successfully employed in Phase II. The Phase III study will also enroll previously treated patients with unresectable Stage IIIc and Stage IV disease using OncoVEX GM-CSF as monotherapy. Stage IIIb patients will also be eligible. The primary efficacy endpoint will also be response rate-based; the primary objective being to demonstrate a statistically significant increase in the rate of objective responses maintained for six months or more, in comparison to control therapy (subcutaneously administered GM-CSF). The study is intended to enroll 360 evaluable patients randomized such that 240 patients receive OncoVEX GM-CSF and 120 patients receive control. BioVex plans to begin enrolling patients for the Phase III study in the second quarter of 2009.

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