Woburn, Mass.-based BioVex, a biotech working on new ways to attack cancer and infections, raised $22 million in a fifth funding round. Triathlon Medical Ventures led the round, joined by New Science Ventures, Forbion Capital Ventures, Avalon Ventures, Credit Agricole Private Equity, GeneChem Management, Innoven Partners and Scottish Equity Partners.
BioVex is developing so-called oncolytic viruses, which are designed to infect and destroy tumor cells -- long a promising but never-proven anti-cancer technique. The company put an unusual twist on the concept by adding a gene to a herpes simplex virus that expresses GM-CSF (granulocyte macrophage-colony stimulating factor), a molecule that stimulates a strong immune response. Ideally, this virus should infect tumor cells while leaving healthy cells alone, then hijack the tumor cells' own internal machinery to manufacture GM-CSF, stimulating an immune response that should also be directed at the tumor cells.
That experimental drug, OncoVex GM-CSF, is currently in mid-stage human tests against skin cancer and early tests against head and neck cancer. BioVex is also developing a vaccine against genital herpes. The company had filed to go public last year, but withdrew its proposed offering last October.