Second and Final Close Completes $35 Million Financing

    WOBURN, Mass., Nov. 15 /PRNewswire/ -- BioVex Inc, a clinical stage
 company developing new generation biologics for the treatment and
 prevention of cancer and infectious disease, announced today it had
 completed its Series E financing, concurrent with the completion of a
 venture debt transaction, raising a total of $35m of funds.
     BioVex intends to use the capital to complete its preparations for, and
 to commence, a Phase III study with its lead product OncoVex GM-CSF for the
 treatment of melanoma as well as to complete studies in head and neck
 cancer and pancreatic cancer. The financing will also fund the Company's
 second program, ImmunoVEX HSV2, a vaccine for genital herpes, through to
 Phase II.
     The Series E placement was led by Triathlon Medical Ventures who were
 joined by new investors New Science Ventures and Harris and Harris Group,
 Inc., as well as existing investors. The venture debt facility was provided
 by Oxford Finance Corporation and Silicon Valley Bank.
     About BioVex
     BioVex is a privately held biotechnology Company based in Woburn. MA.
 The Company is developing a new class of potent biologics for the treatment
 of cancer and prevention of infectious disease.
     BioVex's lead cancer program, OncoVEX GM-CSF, is an oncolytic virus
 that selectively destroys tumor cells accompanied by the induction of a
 systemic immune response. OncoVEX GM-CSF is currently completing a Phase II
 clinical trial for melanoma and Phase I/II clinical trials for head & neck
 cancer and pancreatic cancer. Preliminary data from these studies has been
 very encouraging demonstrating OncoVEX GM-CSF has the potential to treat
 both local and metastatic disease. The Company is currently preparing for
 an initial registration study in melanoma where multiple responses have
 been demonstrated in an ongoing Phase II trial testing OncoVEX GM-CSF as
 stand alone therapy in patients with un-resectable stage IIIc or stage IV
 metastatic disease.
     The Company's second program is a vaccine for genital herpes, ImmunoVEX
 HSV2, which provides complete protection in animal models of the disease. A
 Phase I study with ImmunoVEX HSV2 is scheduled to initiate at the end of
 the year. For more information visit the company's website at
 www.biovex.com.
 
 

SOURCE BioVex Inc