-- Largest European private funding in the biotech sector in the last twelve months --
Paris, France, 8 January 2007: Novexel, the specialty pharmaceutical company focused on the discovery and development of novel antibacterials and anti-fungals, today announces that it has raised €50 million in a Series B fundraising. The round was led by 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 investors, Goldman Sachs, NeoMed and NIF SMBC (Tokyo). The funding is the largest raised by a private European company in this sector in the last twelve months.
The funds raised will be used for ongoing clinical development and to advance Novexel’s broad anti-infective pipeline. Novexel has four compounds in development.
Commenting on the fundraising, Iain Buchanan, Chief Executive of Novexel, said, “I am very pleased to have secured such a significant round of financing from a strong group of life science investors led by Edmond de Rothschild Investment Partners and welcome them, Goldman Sachs, NeoMed and NIF SIMBC to the syndicate. 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.”
Novexel’s strategy is to build a unique portfolio of novel anti-infectives around which it can develop a commercial infrastructure to address the fast-growing hospital-based anti-infective market. The company will seek to build partnerships with pharmaceutical companies as a means to develop compounds which can be used in a primary care setting. As such, rights to Novexel’s proprietary compounds will be selectively retained in the main western markets.
Olivier Litzka, on behalf of Edmond de Rothschild Investment Partners, said, “Novexel represents an excellent opportunity for us to be involved in the large and growing anti-infectives space. We have been impressed by what management has achieved in just two years and consider Novexel to be one of the most exciting biotech companies in Europe with considerable potential”. Mr Litzka will join Novexel’s Board of Directors.
Contacts:
Novexel
Gordon Waldron CFO Tel: +33 1 5714 0777
Financial Dynamics
Julia Phillips/Nicola Daley
Tel: +44 (0)207 831 3113
For further information please see www.novexel.com
