Three German insolvencies

Infectious disease company Axxima and antibody play Xerion filed for insolvency. Each company is now being advised by a court-appointed insolvency manager who will determine whether to open insolvency proceedings or to continue operations.

Axxima (Munich Germany), which filed to open insolvency proceedings at the end of December, has raised a total of EUR 64 million ($86.6 million) in four financing rounds since it was founded in 1997. TVM was lead investor in a $12.2 million series D round in June 2004. ...