Novexel

Company: Novexel
Financing: $64.7 million
Website: http://www.novexel.com/ [1]

In January of 2007 Novexel landed €50 million ($64.7 million) in a second round of financing. The round was led by new investor Edmond de Rothschild Investment Partners of Paris along with Atlas Venture, Sofinnova, Abingworth, 3i, Novo A/S, BIT, Goldman Sachs, NeoMed and NIF SMBC.

Novexel is taking aim at the hot anti-infectives market that is being fueled by increasingly resistant superbugs. The company already has three antibacterials in Phase I clinical trials. An additional anti-fungal drug--NXL201--is undergoing reformulation studies after initiation of Phase I clinical trials. Novexel says that the funding will carry the company through 2009, and that it will look to in-license additional drug candidates to further bolster its pipeline.

Related Articles:
Novexel licenses anti-fungal drug. Report [2]
New compounds combat bacteria's defenses. Report [3]