Biolex Pulls IPO

Biolex Inc., a Pittsboro, N.C.-based drug company whose lead candidate focuses on hepatitis C, has withdrawn registration for an $80 million IPO, citing “unfavorable market conditions.” It had planned to trade on the Nasdaq, with Lehman Brothers and Deutsche Bank Securities serving as co-lead underwriters. Biolex has raised nearly $100 million in total VC funding since its 1997 inception, including a venture recap. Shareholders include Intersouth Partners (20.3% pre-IPO stake), Johnson & Johnson Development Corp. (16.2%), Quaker BioVentures (14.9%), Polaris Venture Partners (11.4%), Investor Growth Capital (9.9%), Mitsui & Co. Venture Partners (5.4%), JP Morgan Securities, Easton Capital and Dow Venture Capital.