Just learned that NC-based Nobex filed for Chapter 11 bankruptcy protection. I'm very disappointed to hear this. My previous fund looked at Nobex ~2000-2001. If memory serves, bubble-driven valuation issues prevented us from making an investment. But, there was no doubting that they had some very interesting formulations, especially their oral insulin formulation. Their Phase I/II study showed that it worked well. They had also teamed up with India-based Biocon on a separate program.
I don't know exactly what happened to the company. If anyone has any info, please email/Skype me.
Update: From PE Week Wire:
Nobex Corp., a Durham, N.C.-based drug discovery and development company, has filed for bankruptcy and put its remaining assets up for sale. India-based research partner Biocon has offered to acquire Nobex’s intellectual property for around $3.5 million. Nobex had raised nearly $90 million in VC funding since 1996, from firms like Crescendo Venture Management, The Aurora Funds, A.M. Pappas & Associates, American Express, Hotung International, AEA Inv*stors and Odlander, Fredrikson & Co.
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