Nobex raises $35m with private equity placement

BT Catalyst,  Sept, 2002  

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Nobex Corp. of Research Triangle Park has completed a $35 million equity financing through a private placement of Series F preferred stock.

The round was led by AEA Investors of New York and consists of several new investors and a group of Taiwan-based venture capital firms.

Nobex will use the funds to expand and accelerate clinical and pre-clinical projects and business development efforts.

"Nobex's proprietary oral drug delivery technology positions the company to play a substantial role in the $40 billion drug delivery market," said Michael J. Berendt, Ph.D., managing director of AEA Investors.

Nobex will add three new members to its board of directors as a result of the funding: Berendt of ABA Investors; Michael K. Hsu of EndPoint; and Dr. Charles A. Sanders, formerly of Glaxo Inc.

"We are extremely pleased to work with such a strong group of international life science investors and to gain board members who are such leaders in our field," said Christopher H. Price, Ph.D., Nobex's president and CEO.

In May, Nobex initiated a strategic alliance with GlaxoSmithKline for the development and funding of Nobex-innovated oral insulin products. This allows Nobex to use its new equity capital to focus on products in clinical and pre-clinical study, including an oral version of the protein drug calcitonin for the treatment of osteoporosis and an oral small-molecule drug for treating inflammatory bowel disease.

For more information visit the company's Web site at www.nobexcorp. com.

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