Lux Biosciences raises $50 million through Series B venture financing

Oct 19 2009

Lux Biosciences, Inc., a privately held biotechnology company focused on the development and commercialization of therapies for serious ophthalmic diseases, today announced that the company has closed a $50 million Series B venture financing. Participants in the funding were current investors in Lux Biosciences, HBM Bioventures, Novo A/S, Prospect Venture Partners and SV Life Sciences (SVLS), as well as SVLS' publicly traded fund, International Biotechnology Trust plc. This financing will provide funds for Lux Biosciences beyond the anticipated 2010 US- approval for LUVENIQ™ (oral voclosporin, LX211) and the preparation for commercial launch of that product for non-infectious uveitis.

“From the beginning, we believed that Lux Biosciences had great programs that together made a compelling investment case in the ophthalmology field, which we felt was ripe for the development and commercialization of important new therapeutics,” said Lutz Giebel, Ph.D., Managing Partner at SVLS. “In just over three years, Lux’s seasoned management team has executed efficiently on the company’s business plan bringing LUVENIQ to the approval stage. This new financial commitment underscores our confidence in Lux and its team, as well as the commercial potential of the company’s products.”

“We are gratified by the continued strong support that our original investors have shown Lux Biosciences,” said Ulrich Grau, Ph.D., Lux Biosciences President and Chief Executive Officer. “We take this financing as a commitment to continue to meet milestones and to advance our programs to the point of superior value creation: pivotal data, regulatory approval, and product launch. We and our investors truly believe in the opportunities that exist when patients are affected by blinding diseases for which the approved therapeutic options are limited, and where we can develop and commercialize a first-in-class product to meet those needs.”

Lux noted that it would use the new funds to prepare for commercial launch of LUVENIQ, if approved, in the United States. The funds will also support the completion of the New Drug Application (NDA) in the United States and the Marketing Authorization Application (MAA) in Europe, based on positive pivotal data in non-infectious uveitis. Lux Biosciences received Fast Track Designation for LUVENIQ in August 2007 and will request priority review from the U.S. Food and Drug Administration. If granted, the company could potentially gain U.S. approval for LUVENIQ in 2010.