Biolex Therapeutics, a US-based healthcare company backed by healthcare company Johnson & Johnson’s corporate venturing unit, has reportedly filed for bankruptcy protection.
Biolex filed for chapter 7 on July 3, according to news provider Triangle Business Journal. Investors had invested $190m in Biolex since it was founded in 1997, Triangle Business Journal said.
Johnson & Johnson has a $3.8m claim, according to Triangle Business Journal citing Biolex’s Chapter 7 filing, and had an 11% stake in the company. Venture firms Clarus and Intersouth had 27% and 13% stakes in the company respectively.
Biolex had filed for an initial public offering in 2007, but withdrew its listing attempt in 2008.
Other investors in the company were venture firms OrbiMed Advisors, Quaker BioVentures, Polaris Ventures and development fund North Carolina Economic Development Fund, news provider Fierce Biotech said.