Nobex Corporation, a drug development company that was working on an orally taken insulin drug, announced today that it has filed a Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware.

The Indian Biotechnology major Biocon, plans to acquire the intellectual property of its research collaborator Nobex Corporation, which has applied for cover under Chapter 11 of the U.S. bankruptcy laws, Biocon informed the Bombay Stock Exchange (BSE).

INFO SOURCES

Biocon; NOBEX Corporation

FIRMS

NOBEX Corporation is a privately held drug product development company that specializes in medicinal chemistry applied to optimizing the delivery of therapeutic peptide drugs by oral and other non-injectable routes of administration. Nobex focuses on developing products for chronic indications in the metabolic and cardiovascular therapeutic areas. The company has advanced three products into clinical study with several other products in preclinical development on its own and with partners or collaborators including, Duke University, and the Mayo Clinic.

Established in 1978, Biocon is India’s premier biotechnology company. Biocon and its three subsidiary companies – Syngene International Limited, Clinigene International Limited and Biocon Biopharmaceuticals Limited – form a fully integrated biotechnology enterprise specializing in biopharmaceuticals, custom research, clinical research and enzymes. With successful initiatives in drug discovery, clinical development, bioprocessing and global marketing, Biocon develops products and solutions to partners and customers across 70 countries.

HISTORY - fund raising

August 13, 2002 | $35 million equity financing through a private placement of Series F preferred stock with a select group of investors. The round was led by AEA Investors of New York and consists of several new investors including EndPoint Late Stage Fund I, L.P. (New York), HealthCap, and a group of Taiwan-based venture capital firms.

June 3, 1999  | $23 million private stock offering to institutional and venture capital groups. The investors include American Express Financial Advisors, Crescendo Ventures, Aurora Funds, Oakwood Investors and others. Vector Securities International, Inc., a Chicago-based investment bank focused on the healthcare industry, managed the offering.