sanofi-aventis spins out Novexel

Aventis Pharma, a subsidiary of sanofi-aventis (Euronext:SAN; SNY), spun out infectious disease company Novexel (Romaineville, France). In conjunction with the spinout, Novexel raised EUR 40 million ($53.2 million) in a series A round led by Atlas Venture. Other investors included Sofinnova; 3i; Abingworth; and Novo.

Novexel has two Phase I programs: NXL103, an oral antibiotic against bacterial respiratory infections, and NXL201, an echinocandin to treat severe fungal infections. SAN has an option for NXL103. Aventis partnered NXL201 with Indevus (IDEV) in 2003. ...