PITTSBORO, NC – Biolex Therapeutics, a company that uses its patented aquatic plant LEX system to make therapeutic proteins and monoclonal antibodies, has sold $8.68 million in debt and convertible securities of a $10 million offering, according to a regulatory filing.

Biolex raised $10 million earlier this year.

Clarus Ventures with OrbiMed Advisors led the company’s $60 million Series D round in October 2008.

Investors in Biolex include Intersouth Partners, Quaker BioVentures, Johnson & Johnson Development Corporation, Investor Growth Capital, Polaris Ventures, Mitsui & Co., The Dow Chemical Co., JP Morgan Securities and the North Carolina Economic Development Fund.

Biolex disclosed the current raise in a filing with the U.S. Securities and Exchange Commission.

Biolex yanked its registration for an initial public offering of stock last year prior to its $60 million financing.

Founded in 1997, it previously raised more than $100 million in venture funding.

The company’s product candidates are designed to provide superior efficacy/tolerability profiles and to address large, proven pharmaceutical markets.

We used to carry around a sample of the Duck Weed acquatic plant the company uses to manufacture hard to make proteins. They would bring them to venture conferences in the Triangle.

Biolex’s lead product candidate, Locteron, is in clinical testing for the treatment of chronic hepatitis C. Biolex CEO Jan Turek said in February that clinical trial results on Locteron suggest the drug’s tolerbility and dosing convenience support a “substantial commercial opportunity.”

Contact Tech Journal South Editor and writer Allan Maurer: Allan at TechJournalSouth dot com.

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