Novexel raises 50 million euros

Paris, France-based Novexel, a specialty pharmaceutical company focused on the discovery and development of novel antibacterials and anti-fungals, has raised 50.0 million euros ($65.9 million) in a series B fundraising. The round was led by a new investor, Edmond de Rothschild Investment Partners of Paris and included participation from all Novexel's existing investors (Atlas Venture, Sofinnova, Abingworth, 3i, Novo A/S and BIT), as well as other new ones, Goldman Sachs, NeoMed and NIF SMBC (Tokyo). The funding is the largest raised by a private European company in this sector in the last 12 months, states Novexel.

The funds will be used for ongoing clinical development and to advance Novexel's broad anti-infective pipeline. The firm has four compounds in development.

Commenting on the fundraising, Iain Buchanan, chief executive of Novexel, said, "the breadth and depth of support shown by new and existing investors alike has been very encouraging. With such funds available to the company, taking us through to 2009, we will continue to invest in the pipeline and to build a company dedicated to the hospital anti-infective market."