BioLogix bags $6M for oncology drug, names new CEO

Biopharm company BioLogix raised $6 million in first-round equity and debt financing from Essex Woodlands Health Ventures and New Science Ventures. The money will be used to continue development of its top cancer-fighting compound, but a second round is already in the works.

So far the Palo Alto, Calif.-based firm has brought in $40 million. It hopes to take enough in its next fund-raising effort by early 2009 to push the drug into clinial testing, setting the bar at $12 to $17 million, reports VentureWire.

Cocurrently, Dale Pfost was tapped to be chief executive, replacing Thomas Glaze who will still serve as chairman. Pfost left the same post at peer company Opko Health.

Past BioLogix investors include Domain Associates, MedImmune Ventures, Northwest Technology Ventures, Skyline Ventures and Takeda Research Investment.

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