from the IN VIVO blog, 2009- lux and ulrich grauLux Biosciences: Like most biotechs, this ophthalmology specialist and its backers might have had their sights set on getting acquired once
Phase III data for lead uveitis compound oral voclosporin (a.k.a. LX211 and now dubbed
Luveniq) came through. Those results were somewhat positive, though not without hair (one of three Phase III studies was 'underpowered' and another did not hit its primary endpoint due to discontinuations), and for whatever reason a deal hasn't materialized. (Not terribly unusual for the
venture-dollar-rich-but-relatively-exit-poor ophtho space.) But the company and its VCs remain confident that
Luveniq has a bright future--and are doubling down on their initial investment to finance the ride.
Lux announced this week a $50 million Series B supported by its existing investors SV Life Sciences, HBM Bioventures, Novo AS and Prospect Venture Partners (those same investors backed the company in a
$49mm Series A in 2006). The cash (some of which has already been spent--it will be used to pay back bridge loans from those same VCs) should take Lux through
Luveniq's expected US and EU filings later this year (the compound has orphan drug designation in both territories and fast-track status in the US, and Lux will apply for priority review) and--if all goes well--toward the drug's potential launch in 2010, CEO Ulrich Grau
told us for a story in "The Pink Sheet" DAILY. Will suitors come a-callin' then?--
CM
so, is it possible, that grau left or was pushed out?
It seems he had good relations with isa...he was pushing this drug along in hopes of being taken out it seems from the above.....but maybe others saw it differently and thought they could avoid being taken out and still end up with the whole enchalada and in the near term, avoid having to pay royalties at a time when cash is low... pick up a great drug with possibilities in TX and psoriasis, and at the same time, become public.
go to lux site, see the managements resumes, and see if you see any convergence....
of course, all this is conjecture, but, arent these boards to posit theories and opinions? I continue to hold, will not sell a share...to do so now would be CRAZY. Things will come around, but boy oh boy, this delay really stinks after so much hope.