BioVex Group files for $45 million IPO

By Jennifer Chiou

New York, June 20 - BioVex Group, Inc. filed for an estimated $45 million initial public offering of stock in an S-1 registration with the Securities and Exchange Commission.

Janney Montgomery Scott LLC is bookrunner and Stifel Nicolaus is co-manager.

The Cambridge, Mass., clinical-stage biotechnology company is focused on cancer and infectious diseases.

The company's OncoVEX technology for the treatment of solid tumors is in phase 1/2 trials for the treatment of melanoma.

BioVex added that its lead infectious disease product candidate is ImmunoVEX, a vaccine for genital herpes.

IPO proceeds will be primarily used to fund the development of OncoVEX as well as the development of ImmunoVEX, which is in phase 1 trials.

BioVex said it had a $13.767 million operating loss on revenues of $40,929 for 2005, compared with an operating loss of $15.65 million on revenues of $21,969 for the same period in 2004.

Currently, funds associated with Merlin Biosciences are the largest shareholders with 20.35% of the equity followed by funds affiliated with Innoven with 13.32% and funds affiliated with Credit Agricole Private Equity with 10.36%.

The company has applied to list its stock on the Nasdaq National Market under the symbol "BVEX."

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