2004 Deal of the Year - Private Company

Biolex, Inc

Description

Pittsboro-based Biolex is a private biopharmaceutical company focused on therapeutic protein drugs that, until now, have been impossible or very expensive to develop. Biolex utilizes the LEX System TM, Biolex' transformational technology, that significantly enables faster, less-expensive development and production of hard-to-make protein drugs. Recent company highlights include the following:

• Closed on a $24 million financing round August 2003
• Formed four collaborations including Bayer, Centocor and Debio
• Acquired Epicyte Pharmaceutical, accessing powerful antibody capabilities
• Established flexible GMP manufacturing operations
• Advancing its first protein into human clinical trials in 2004

Reasons for winning the award

Biolex achieved one of North Carolina's largest venture funding rounds of the year when it raised $24 million in August 2003. Quaker BioVentures and Intersouth Partners led the round, which also included new investors Johnson & Johnson Development Corporation, Mitsui & Co. Venture Partners , The Dow Chemical Company, Dogwood Equity and Trelys Venture Partners. All existing investors also participated in the round, including The Wakefield Group, Kitty Hawk Capital, Franklin Street Partners, Tall Oaks Capital and Academy Centennial Fund.

Quote

“I am honored to receive this award, on behalf of Biolex. Our raising $24 million during a very difficult fund-raising time, and now to be recognized as the Deal of the Year, is a testimonial to the tremendous potential that we have at Biolex.” -- Jan Turek, President and CEO, Biolex

History

Biolex became operational in late 1999, with the awarding of an exclusive license from N.C. State for the genetic manipulation of the aquatic plant, Lemna or duckweed. The company is funded by a broad syndicate of life science investors with international, national and regional presence, providing Biolex with highly valuable industry expertise. Biolex has a strong patent position, an FDA-agreed production approach and top-level management with extensive industry experience in therapeutic proteins. Biolex is developing its own pipeline of hard-to-make proteins and monoclonal antibodies, and is establishing partnerships with a number of top-tier pharmaceutical and biotechnology companies.

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